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Nifty trades near 11,600; media shares advance

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Key equity indices trimmed gains after hitting fresh intraday in mid-afternoon trade. The Nifty was trading near 11,600 mark. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 291 points or 0.75% at 38,848.84. The Nifty 50 index was up 94.95 points or 0.83% at 11,593.35. Global cues were positive after Federal Reserve Chairman Jerome Powell hinted at a possible rate cut later this month.

The S&P BSE Mid-Cap index was up 0.51%. The S&P BSE Small-Cap index was up 0.36%. Both these indices underperformed the Sensex.

The market breadth was almost even. On the BSE, 1161 shares rose and 1141 shares fell. A total of 156 shares were unchanged.

Most media stocks rose. Zee Entertainment (up 4.70%), Siti Networks (up 2.88%), Prime Focus (up 2.51%), Balaji Telefilms (up 2.34%), Sun TV Network (up 1.13%), TV18 Broadcast (up 1.12%) and Zee Media (up 0.25%) advanced. Eros International Media (down 4.78%), NDTV (down 1.44%), Network 18 Media Investments (down 0.20%) and TV Today Network (down 0.18%) declined.

Dish TV was up 8.25% to Rs 28.2 after CARE Ratings upgraded company's ratings on banking facilities from CARE A3 to CARE A3+.

Reliance Power was up 8.52% to Rs 4.33 after the company reported that company's Samalkot project has successfully recasted Rs 2430 crore loan from US-EXIM. The company further added that it is in advanced stages of development of Bangladesh project and relocating Samalkot modules to Bangladesh.

Reliance Infrastructure was up 10.65% to Rs 50.9 after the company announced that an inter-creditor agreement has been signed among the company's 16 lenders. The agreement achieves standstill for 180 days and the company plans to implement resolution plan well before 180 days by monetising its assets.

Greaves Cotton was down 5.11% to Rs 130.8. The company announced that it acquired 15,04,523 shares of subsidiary, Ampere Vehicles, for Rs 22.50 crore. The company's holding in Ampere Vehicles has now increased from 67.34% to 72.11%.

Havells India was down 2.27% to Rs 709.55. The company announced that it has launched technologically advanced alkaline water purifiers in Jaipur, Rajasthan.

FMCG stocks were mixed. Tata Global Beverages (up 2.21%), Hindustan Unilever (up 1.09%), GlaxoSmithkline Consumer Healthcare (up 0.84%), ITC (up 0.6%), Bajaj Consumer Care (up 0.6%) and Procter & Gamble Hygiene & Health Care (up 0.06%) gained. Colgate Palmolive (India) (down 1.19%), Nestle India (down 0.59%), Jyothy Laboratories (down 0.49%), Marico (down 0.3%), Godrej Consumer Products (down 0.27%), Dabur India (down 0.13%) and Britannia Industires (down 0.05%) declined.

The yield on 10-year benchmark federal paper fell to 6.526% at 14:23 IST compared with 6.543% at close in the previous trading session.

In the commodities market, Brent crude for September 2019 settlement was up 46 cents at $67.47 a barrel. The contract rose $2.85 cents or 4.44% to settle at $67.01 a barrel in the previous trading session.

MCX Gold futures for 5 August 2019 settlement rose 0.63% at Rs 35,060.

Overseas, European markets were trading higher while Asian markets closed higher after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

US stocks rose on Wednesday with the Nasdaq Composite index closing at a record high after Federal Reserve chairman Jerome Powell indicated interest rates cuts may be imminent in the face of some weakening economic data.

In testimony to a congressional committee, Powell noted that while the U.S. jobs market remains robust and consumer spending appears set to rebound, business investment has slowed considerably, along with housing investment and manufacturing output.

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

First Published: Thu, July 11 2019. 14:29 IST
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