Nifty slides below 22,200; media shares in demand

The domestic equity barometers traded continued to trade with modest losses in mid-morning trade. The Nifty slipped below the 22,200 level. Media shares advanced after declining in previous two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 343.78 points or 0.47% to 73,056.00. The Nifty 50 index declined 83.80 points or 0.38% to 22,188.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 1%.

The market breadth was strong. On the BSE, 2,386 shares rose and 1,198 shares fell. A total of 145 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Buzzing Index:

The Nifty Media index gained 2.20% to 1,886.70. The index slipped 3.41% in past two trading sessions.

Saregama India (up 4.17%), TV18 Broadcast (up 3.37%), Network 18 Media & Investments (up 3.32%), Zee Entertainment Enterprises (up 3.07%), Hathway Cable & Datacom (up 2.89%), Tips Industries (up 2.28%), PVR Inox (up 0.85%), Sun TV Network (up 0.77%) and Dish TV India (up 0.56%) edged higher.

Stocks in Spotlight:

Caplin Point Laboratories advanced 1.45% after its subsidiary, Caplin Steriles received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Ofloxacin Ophthalmic Solution.

Gujarat Gas (GGL) declined 1.16% while Indian Oil Corporation (IOCL) gained 2.28%. GGL and IOCL have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.

Manappuram Finance added 0.95% after the companys board will meet on Friday, 19 April 2024 to consider raising funds which includes external commercial borrowings in the form of US dollar bonds.

Global Market:

Asian stocks traded lower for second session in a row Tuesday, tracking overnight losses on Wall Street.

Chinas economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February's increase was revised to 0.9%, said the Commerce Department.

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