Sensex, Nifty pare losses; media shares slide

The key equity indices reversed all losses and traded with minor gains in mid-morning trade. The Nifty climbed above the 23,500 level after hitting the day's low of 23,344.35 in morning trade. Media shares extended losses for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, added 119.84 points or 0.15% to 77,740.05. The Nifty 50 index fell 16.55 points or 0.07% to 23,543.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.91% and the S&P BSE Small-Cap index slipped 1.31%.

The market breadth was weak. On the BSE, 882 shares rose and 2,873 shares fell. A total of 135 shares were unchanged.

Buzzing Index:

The Nifty Media index declined 1.78% to 1,776.45. The index tumbled 3.25% in three consecutive trading sessions.

Dish TV India (down 3.66%), Saregama India (down 3.18%), Zee Entertainment Enterprises (down 3.05%), Network 18 Media & Investments (down 2.28%) and Nazara Technologies (down 2.28%), Hathway Cable & Datacom (down 2.09%), Den Networks (down 1.09%), PVR Inox (down 0.99%), Sun TV Network (down 0.89%) and Tips Music (down 0.88%) declined.

Stocks in Spotlight:

Ceinsys Tech hit an upper circuit of 5% after the company received a letter of intent on 9 January 2024 for the Wainganga Nalganga River Link Project, valued at Rs 381.18 crore.

Senco Gold declined 4%. The company announced that its revenue grew 22% year on year (YoY) and retail growth was steady at 19% YoY in the quarter ended 31 December 2024.

JSW Steel rose 0.37%. The company announced its highest ever consolidated crude steel production for the Q3 FY25 was at 7.03 million metric tons, which is higher by 2% as compared with 6.87 million metric tons reported in Q3 FY24.

Global Markets:

U.S. stock futures point to a weak open Friday, with the Dow Jones Industrial Average futures down 54 points. This follows persistent concerns over a slower pace of interest rate cuts in 2025, exacerbated by upcoming nonfarm payroll data that could provide further insights into the economy. The upcoming earnings season, kicking off next week with major bank reports, adds another layer of uncertainty.

Asian indices mostly declined on Friday, concluding a volatile first full trading week of 2025. Investor sentiment remains fragile amid concerns over slower U.S. rate cuts and the possibility of a rate hike by the Bank of Japan.

Japanese stocks extended their losing streak to three days as stronger-than-expected wages and private spending data increased expectations of a potential BOJ rate hike in January.

Weak inflation data from China, released earlier this week, further dampened sentiment, compounded by speculation regarding potential trade tariffs against the country.

Regional markets mirrored losses in global markets, as hawkish signals from the Federal Reserve this week reinforced expectations of slower monetary easing in 2025.

The U.S. market was closed Thursday to honor the passing of former President Jimmy Carter.

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