Indices trade sideways; media shares skid for 2nd day
Media stocks plunged for second consecutive trading session.
At 11:25 ST, the barometer index, the S&P BSE Sensex declined 94.79 points or 0.12% to 81,442.91. The Nifty 50 index rose 0.35 points or 0.01% to 25,054.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.18% and the S&P BSE Small-Cap index shed 0.56%.
The market breadth was strong. On the BSE, 2,462 shares rose and 1,536 shares fell. A total of 202 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 7.78% to 15.30.
India-EU Trade Deal:
India and the European Union have signed the mother of all deals, PM Modi said on Tuesday. Prime Minister Narendra Modi lauded the signing of the free trade agreement between India and the European Union and said that the deal represented 25 per cent of the global GDP and 1/3rd of global trade.
On tariffs overall, Sefcovic said the aim is 9799% partial or full tariff liberalisation, which could generate savings of around 4 billion a year and help double bilateral trade within five years.
The Narendra Modi government is said to have agreed to immediately lower duties on up to 200,000 European cars a year priced above 15,000, or about Rs 16.5 lakh. Electric vehicles are excluded.
Buzzing Index:
The Nifty Media index fell 2.38% to 1,319.40. The index tumbled 4.83% in the two consecutive trading sessions.
Sun TV Network (down 6.74%), D B Corp (down 3.83%), Zee Entertainment Enterprises (down 3.16%), Saregama India (down 1.96%), Network 18 Media & Investments (down 1.18%), Nazara Technologies (down 1.12%), Prime Focus (down 1.1%), Hathway Cable & Datacom (down 0.98%), PVR Inox (down 0.19%) declined.
Stocks in Spotlight:
RailTel Corporation of India advanced 2.30% after the company said that it has bagged an order worth Rs 27.04 crore from Andhra Pradesh Central Power Distribution Corporation (APCPDCL).
Chennai Petroleum Corporation rose 1.59% after its standalone profit surged to Rs 987.22 crore in Q3 FY26, sharply higher than Rs 10.46 crore in Q3 FY25. Revenue from operations (excluding excise duty) rose 21.33% year on year (YoY) to Rs 15,683.17 crore in Q3 FY26.b
Godrej Consumer Products tumbled 6.41% after the company's consolidated net profit remained flat at Rs 497.91 crore in Q3 FY26, even as net sales increased 8.8% year-on-year to Rs 4,079.47 crore compared with Q3 FY25.
Global Markets:
Asian shares advanced on Tuesday despite concerns regarding tariffs resurfaced post US President Donald Trump threatening to increase levies on South Korean goods.
Trump said on Truth Social that South Korea's legislature has not approved Seouls trade deal with Washington, and that tariffs on the country will climb to 25%, from 15%.
Overnight in the U.S., the S&P 500 index advanced 0.50%, while the Dow Jones Industrial Average gained 0.64%.
The Nasdaq Composite climbed 0.43%, supported by jumps of about 3%, 2% and 1% in Apple, Meta Platforms and Microsoft, respectively, ahead of their earnings reports later in the week.
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