Nifty slides below 22,300 level; media shares under pressure

The domestic equity benchmarks continued to trade with minor losses in the morning trade. The Nifty slipped below the 22,300 level. Media shares extended losses for the third consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 117.91 points or 0.16% to 73,559.22. The Nifty 50 index shed 65.95 points or 0.29% to 22,290.35.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.53% and the S&P BSE Small-Cap index fell 2.08%.

The market breadth was weak. On the BSE, 680 shares rose and 2,899 shares fell. A total of 126 shares were unchanged.

Buzzing Index:

The Nifty Media index declined 2.93% to 1,931.30. The index tumbled 6.03% in three consecutive trading sessions.

D B Corp (down 4.99%), Network 18 Media & Investments (down 4.99%), TV18 Broadcast (down 4.67%), Sun TV Network (down 3.69%), Dish TV India (down 3.19%), Hathway Cable & Datacom (down 2.95%), Nazara Technologies (down 2.92%), Saregama India (down 2.54%), PVR Inox (down 1.82%) and Zee Entertainment Enterprises (down 1.68%) edged lower.

Stocks in Spotlight:

Tata Technologies declined 1.17%. The company informed that its nomination and remuneration committee has approved the appointment of S. Sukanya as chief operating officer (COO).

JM Financial tumbled 16.09%. The Reserve Bank of India (RBI) ordered the company to cease and desist from doing any form of financing against shares and debentures.

Centum Electronics rose 0.36%. The company said that it has has received an order for realization of space-based electronic warfare (EW) payloads from Defense Research and Development Organisation (DRDO).

JSW Energy slipped 2.32%. JSW Renew Energy Five (JSW Renew Five), a wholly owned subsidiary of JSW Neo Energy (JSW Neo) and step down subsidiary of JSW Energy, has signed Battery Energy Storage Purchase Agreement (BESPA) for the first project of 250 MW / 500 MWh Standalone Battery Energy Storage System out of the total awarded project capacity of 500MW /1,000MWh with Solar Energy Corporation of India (SECI).

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