Nifty scales above 23,700; media shares in demand

The domestic equity benchmarks traded with major gains in morning trade. The Nifty traded above the 23,700 level. Media shares advanced after declining in the past trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex jumped 903.36 points or 1.16% to 78,240.26. The Nifty 50 index gained 276.85 points or 1.18% to 23,730.65.

In the broader market, the S&P BSE Mid-Cap index rallied 1.30% and the S&P BSE Small-Cap index jumped 1.50%.

The market breadth was strong. On the BSE, 2,837 shares rose and 767 shares fell. A total of 141 shares were unchanged.

Buzzing Index:

The Nifty Media index jumped 2.93% to 1,954.55. The index fell 1.42% in the past trading session.

Zee Entertainment Enterprises (up 7.27%), PVR Inox (up 2.95%), Dish TV India (up 2.91%), Sun TV Network (up 2.23%), Den Networks (up 2.04%), Hathway Cable & Datacom (up 1.77%), Nazara Technologies (up 1.19%), Tips Music (up 1.18%) and Saregama India (up 0.65%) advanced.

Stocks in Spotlight:

PG Electroplast soared 10.33% after the company informed that its wholly owned subsidiary, PG Technoplast has signed a definitive agreement with Spiro Mobility to manufacture electric vehicles (EVs) of Spiro Mobility (Spiro) in India.

Shilpa Medicare rallied 3.53% after the company has received a certificate of suitability from the European Directorate for the Quality of Medicines & Healthcare for API, Octreotide.

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