Nifty above 22,450; media stocks up for 3rd day

The frontline indices extended gains in early afternoon trade. The Nifty traded above the 22,450 mark after hitting the days low of 22,346.50 in early trade. Media shares extended gains for the third consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 117.76 points or 0.16% to 74,021.52. The Nifty 50 index added 29.80 points or 0.13% to 22,483.10.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.58% and the S&P BSE Small-Cap index gained 1.17%.

The market breadth was strong. On the BSE, 2,748 shares rose and 976 shares fell. A total of 117 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. RBI Governor Shaktikanta Das will unveil the decision of the first monetary policy meeting of the financial year 2024-25 on Friday, 5 April 2024.

Economy:

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency's projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.22% to 11.51. The Nifty 25 April 2024 futures were trading at 22,577.65, at a premium of 94.55 points as compared with the spot at 22,483.10.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 28.5 lakh contracts at the 22,500 strike price. Maximum Put OI of 31.3 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index advanced 1.31% to 1,940. The index surged 8.02% in three trading sessions.

Dish TV India (up 6.61%), Saregama India (up 3.35%), Hathway Cable & Datacom (up 1.86%), Zee Entertainment Enterprises (up 1.73%), Sun TV Network (up 1.31%), TV18 Broadcast (up 1.25%), Network 18 Media & Investments (up 1.22%), Tips Industries (up 1%) and Nazara Technologies (up 0.57%) advanced.

Stocks in Spotlight:

Hindustan Zinc rallied 3.69% after the company announced that its mined metal production stood at 299,000 tonne in Q4 FY24, registering a growth of 11% QoQ.

Gensol Engineering was locked in an upper circuit of 5% after the company announced that it has recorded the highest ever revenue, surpassing Rs 960 crore in the financial year ended on 31 March 2024.

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