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Indices pare gains; media stocks in demand

Capital Market 

Equity indices pared early gains and traded with small losses in morning trade. The Nifty slipped below the 17,400 mark. Media, realty and PSU bank stocks gained while pharma and FMCG shares declined.

At 10:26 IST, the barometer index, the S&P BSE Sensex, fell 146.84 points or 0.25% at 58,314.79. The Nifty 50 index fell 34.65 points or 0.2% at 17,367.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.3% while the S&P BSE Small-Cap index added 0.49%.

The market breadth was strong. On the BSE, 1,872 shares rose and 1,028 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 909.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1372.65 crore in the Indian equity market on 2 December, provisional data showed.

COVID-19 Update:

The Health Ministry on Thursday reported two COVID-19 cases of the Omicron variant in Karnataka. On 26 November 2021, World Health Organization designated the variant B.1.1.529 a variant of concern, named Omicron. WHO said that it is not yet clear whether Omicron is more transmissible (e.g., more easily spread from person to person) compared to other variants, including Delta.

The number of people testing positive has risen in areas of South Africa affected by this variant, but epidemiologic studies are underway to understand if it is because of Omicron or other factors.

In last 24 hours, India reported 9,216 new Covid-19 cases and 391 deaths. India's active caseload now stands at 99,976 cases.

Buzzing Index:

The Nifty Media index jumped 1.93% to 2,270.60, extending its winning run to third trading session. The media index rallied nearly 5% in three days.

Dish TV (up 4.89%), PVR (up 4.28%), Zee Entertainment Enterprises (up 2.88%), Inox Leisure (up 2.29%) and Network 18 Media & Investments (up 1.52%) were top gainers in media space.

Stocks in Spotlight:

Adani Ports and Special Economic Zone was up 0.67%. In 8 months of FY22 ending as on 30 November 2021, Adani Ports & Special Economic Zone (APSEZ)'s portfolio of ports handled a cargo volume of 209.45 MMT (million metric tonnes), registering a growth of 43% on a y-o-y (year-on-year) basis. The Mundra port in Gujarat crossed 100 MMT during the eight months period. Container volumes reached 5.5 million TEUs (TEU is 20-ft. equivalent unit of container in shipping parlance), of which Mundra Port achieved 4.4 million TEUs. Dry cargo volume surpassed 100 MMT. Cargo volume for November 2021 stood at 24.74 MMT as compared to 23.77 MMT for the same period last year, recording a 4.08% rise on a y-o-y basis.

Sona BLW Precision Forgings rose 2.19% to Rs 775.15 after the company said that India Ratings and Research has upgraded its long-term issuer rating to 'IND AA' from 'IND AA-' with stable' outlook. India Ratings said that the upgrade reflects the company's improved business profile with a more diversified revenue base and increasing contribution from the powertrain agnostic segment, along with a significant increase in its revenues as well as absolute EBITDA over FY21-1HFY22.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, December 03 2021. 10:28 IST