Market Commentary - Mid-Session
Market off day's high; media stocks advance As on : 28-Oct-24  14:33

The domestic equity barometers came off the day's high in mid-afternoon trade. The Nifty slipped below the 24,400 level. Media shares advanced after declining in the previous trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, surged 742.15 points or 0.93% to 80,144.44. The Nifty 50 index added 204.35 points or 0.85% to 24,385.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.93% and the S&P BSE Small-Cap index jumped 1.26%.

The market breadth was strong. On the BSE, 2,566 shares rose and 1,376 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Media index added 1.84% to 1,929.25. The index declined 2.2% in the past trading session.

Nazara Technologies (up 5.69%), Tips Music (up 3.39%), PVR Inox (up 3.36%), Hathway Cable & Datacom (up 2.21%), Den Networks (up 2.05%), Dish TV India (up 1.13%), Sun TV Network (up 1.09%), Network 18 Media & Investments (up 0.96%), Zee Entertainment Enterprises (up 0.95%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.96% to 6.979 as compared with previous close 6.845.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.0775, compared with its close of 84.0875 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement lost 0.35% to Rs 78,257.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 104.29.

The United States 10-year bond yield added 1.09% to 4.281.

In the commodities market, Brent crude for December 2024 settlement slipped $3.44 or 4.52% to $72.61 a barrel.

Stocks in Spotlight:

Sejal Glass hit an upper limit of 5% after the company's consolidated net profit surged 126.85% to Rs 2.45 crore on 55.24% increase in net sales to Rs 61.57 crore in Q2 September 2024 over Q2 September 2023.

Ambuja Cements gained 3.12%. The cement major's consolidated net profit slipped 52.1% to Rs 472.89 crore in Q2 FY25 as against Rs 987.24 crore recorded in Q2 FY24. However, revenue from operations rose 1.24% YoY to Rs 7,516.11 crore in the quarter ended 30 September 2024.

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