Nifty below 25,300 level; media shares under pressure

The domestic equity benchmarks traded with minor losses in the morning trade. The Nifty traded below the 25,300 level. Media shares extended losses for the five consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, fell 114.19 points or 0.12% to 82,456.88. The Nifty 50 index shed 30.20 points or 0.12% to 25,252.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.29% and the S&P BSE Small-Cap index gained 0.53%.

The market breadth was strong. On the BSE, 2,044 shares rose and 1,580 shares fell. A total of 144 shares were unchanged.

New Listing:

Shares of Premier Energies were currently trading at Rs 866.15 at 10:19 IST on the BSE, representing a premium of 92.48% as compared with the issue price of Rs 450.

The scrip was listed at Rs 991, exhibiting a significant premium of 120.22% to the issue price.

So far, the stock has hit a high of 993.45 and a low of 860. On the BSE, over 28.78 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index shed 0.40% to 2,086.15. The index declined 2.85% in the five trading sessions.

Zee Entertainment Enterprises (down 1.98%), TV18 Broadcast (down 0.7%), Network 18 Media & Investments (down 0.57%), Hathway Cable & Datacom (down 0.53%), Nazara Technologies (down 0.25%), Dish TV India (down 0.21%), Saregama India (down 0.18%), Tips Industries (down 0.05%) declined

Stocks in Spotlight:

Maruti Suzuki India shed 0.19%. The car manufacturer announced that its total production increased 2.15% to 168,953 units in August 2024 as against 165,402 units recorded in August 2023.

Kaynes Technology India jumped 5.52% after the company informed that the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of Kaynes Semicon to setup a semiconductor unit in Sanand, Gujarat.

Matrimony.com soared 9.37% after the company informed that its board will meet on 5 September 2024, to consider and approve, the proposal for buy back of fully paid up equity shares of the company.

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