Indices pare losses; media stocks decline

The key equity barometers reversed all the losses and traded with small gains in early afternoon trade. The Nifty traded above the 23,500 level after hitting day's low of 23,350.40 in mid-morning trade. Media shares slipped after advancing in the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex added 18.05 points or 0.02% to 77,598.36. The Nifty 50 index rose 12.55 points or 0.05% to 23,545.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index shed 0.17%.

The market breadth was weak. On the BSE, 1,612 shares rose and 2,345 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 3.94% to 15.36. The Nifty 28 November 2024 futures were trading at 23,543.30, at a discount of 1.95 points as compared with the spot at 23,545.25.

The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 39 lakh contracts at the 24,000 strike price. Maximum Put OI of 49.1 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Media index shed 0.48% to 1,915.65. The index rose 0.17% in the previous trading session.

Dish TV India (down 3.1%), Saregama India (down 2.94%), Tips Music (down 2.44%), Hathway Cable & Datacom (down 0.76%) and Sun TV Network (down 0.47%), PVR Inox (down 0.4%), Nazara Technologies (down 0.02%) down.

On the other hand, Zee Entertainment Enterprises (up 0.61%), Network 18 Media & Investments (up 0.37%) and Den Networks (up 0.23%) added.

Stocks in Spotlight :

Delhivery shed 0.23%. The company reported consolidated net profit of Rs 10.20 crore in Q2 FY25 as compared with net loss of Rs 102.94 crore in Q2 FY24. Reveneue from operations jumped 12.77% to Rs 2,189.7 crore in the second quarter of FY25 as against Rs 1,941.7 crore posted in Q2 FY24.

Swan Energy rallied 4.63%. The companys consolidated net profit tumbled 39.38% to Rs 51.27 crore on 15.61% decline in revenue from operations to Rs 1032.19 crore in Q2 FY25 over Q2 FY24.

Regis Industries zoomed 11.30% after the company announced that its board had approved the proposal of sub- division of 1 equity share of face value of Rs 10 each into 10 equity shares of face value of Re 1 each.

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