Nifty above 24,350; media shares rally for 2nd day

The key equity barometers traded with minor gains in the morning trade. The Nifty traded above the 24,350 mark. Media shares extended gains for the second consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 119.16 points or 0.15% to 80,015.59. The Nifty 50 index rose 62.20 points or 0.26% to 24,378.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.41%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was strong. On the BSE, 2,061 shares rose and 1,510 shares fell. A total of 160 shares were unchanged.

Result today:

HCL Technologies (up 0.85%), Indian Renewable Energy Development Agency (IREDA) (up 4.72%), 5Paisa Capital (0.71%), Oriental Hotels (up 0.16%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Media index gained 2.49% to 2,082.40. The index added 3.63% in the two trading sessions.

Zee Entertainment Enterprises (up 5.73%), Tips Industries (up 3.38%), PVR Inox (up 3.16%), Network 18 Media & Investments (up 1.38%), TV18 Broadcast (up 1.21%), Saregama India (up 1.15%), Dish TV India (up 1.13%), Nazara Technologies (up 0.69%), Hathway Cable & Datacom (up 0.52%) edged higher.

On the other hand, Sun TV Network (down 1.02%) declined.

Zee Entertainment Enterprises (ZEEL) jumped 5.73% after the company informed that its board is scheduled to meet on Tuesday, 16 July 2024, to approve the raising of the funds through the issuance of appropriate instruments.

Stocks in Spotlight:

Azad Engineering was locked in 5% upper circuit after the company announced that it has received an award for tenure of 5 years from Siemens Enerry Global CmtH & Co. KG, Germany.

Oriental Rail Infrastructure was locked in 5% upper circuit after the companys unit received a Rs 432 crore order of supply of 1200 BVCM-C wagons from Indian Railways.

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