Market trade sideways; media shares slide

The frontline indices traded in sideways in early afternoon trade. The Nifty traded above the 23,700 level after hitting the day's low of 23,701.05 in mid-morning trade. Media shares extended losses for the sixth consecutive trading session. Trading was volatile due to the monthly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex was down 4.84 points or 0.01% to 78,475.12. The Nifty 50 index added 17.30 points or 0.07% to 23,744.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.68% and the S&P BSE Small-Cap index rose 0.46%.

The market breadth was negative . On the BSE, 1,548 shares rose and 2,304 shares fell. A total of 136 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 5.57% to 13.91. The Nifty 26 December 2024 futures were trading at 23,740, at a discount of 4.95 points as compared with the spot at 23,744.95.

The Nifty option chain for the 26 December 2024 expiry showed a maximum call OI of 288.9 lakh contracts at the 23,800 strike price. Maximum put OI of 187.4 lakh contracts was seen at 23,750 strike price.

Buzzing Index:

The Nifty Media index fell 1.75% to 1,841.30. The index dropped 7.10% in six consecutive trading sessions.

Hathway Cable & Datacom (down 5.37%), PVR Inox (down 2.85%), Saregama India (down 1.96%), Network 18 Media & Investments (down 1.7%), Nazara Technologies (down 1.5%), Tips Music (down 1.47%), Sun TV Network (down 1.37%), Zee Entertainment Enterprises (down 0.81%) and Dish TV India (down 0.57%) declined.

Stocks in Spotlight:

Ola Electric Mobility rose 0.77% after the company said that it has expanded its network to 4,000 stores nationwide, registering a four-fold increase from the existing network.

Vantage Knowledge Academy rallied 4.51% after the company announced that its board will meet on Tuesday, 7 January 2024, to consider a proposal for bonus shares to the shareholders of the company.

Comrade Appliances jumped 7.04% after the company announced that it has received an order from Reliance Retail for the supply of air coolers valued at over Rs 14.88 crore.

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