Indices came off the day's high; media shares rally 5th day in row

The key equity indices pared some gains and traded with minor gains in early afternoon trade. The Nifty traded below the 24,900 level after hitting days high of 24,999.75 in morning trade. Media shares extended gains for the fifth consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 110.45 points or 0.14% to 81,443.17. The Nifty 50 index rose 32 points or 0.13% to 24,866.85.

The Sensex and Nifty clocked an all-time high of 81,908.43 and 24,999.75, respectively in early-afternoon trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.55% and the S&P BSE Small-Cap index gained 1%. The S&P BSE Small-Cap index hit an all-time high at 55,066.48.

The market breadth was strong. On the BSE, 2,407 shares rose and 1,511 shares fell. A total of 162 shares were unchanged.

Economy:

Indias forex reserves jumped by $4.00 billion to hit an all-time high of $670.86 billion as of July 19, data shared by the Reserve Bank of India (RBI) showed on Friday.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $2.57 billion to $588.05 billion.

Gold reserves expanded by $1.32 billion to $59.99 billion, whereas SDRs were up by $95 million to $18.20 billion.

Reserve position in the IMF was remained unchanged at $4.60 billion.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.24% to 12.65. The Nifty 29 August 2024 futures were trading at 24,903, at a premium of 36.15 points as compared with the spot at 24,866.85.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 26.5 lakh contracts at the 24,500 strike price. Maximum Put OI of 37.5 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Media index added 1.73% to 2,111.60. The index surged 8.08% in the five trading sessions.

TV18 Broadcast (up 5.34%), Sun TV Network (up 2.75%), Zee Entertainment Enterprises (up 2.31%), Network 18 Media & Investments (up 1.9%) and PVR Inox (up 1.89%), Saregama India (up 1.37%), Hathway Cable & Datacom (up 1.25%), Dish TV India (up 0.38%), Nazara Technologies (up 0.2%) edged higher.

Stocks in Spotlight :

InterGlobe Aviations (IndiGo) fell 1.98% after the companys consolidated net profit declined 11.71% to Rs 2,728.8 crore in Q1 FY25 from Rs 3,090.6 crore posted in Q1 FY24. Revenue from operations jumped 17.31% year on year (YoY) to Rs 19,570.7 crore in the quarter ended 30 June 2024.

Nuvama Wealth Management rallied 4.83% after the company reported 79.52% increase in net profit to Rs 220.77 crore in Q1 FY25 as compared with Rs 122.98 crore in Q1 FY24. Revenue from operations jumped 46.58% YoY to Rs 949.43 core in Q1 FY25.

NTPC shed 0.15%. The state-run power majors consolidated net profit increased 12.33% to Rs 5,474.14 crore on 12.64% rise in revenue from operations to Rs 48,520.57 crore in Q1 FY25 over Q1 FY24.

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