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Market Commentary - Mid-Session
Barometers trade with tiny cuts; media shares slide for 5th day As on : 12-Dec-24  10:32

The key equity benchmarks traded reversed the trend and traded with minor losses in the morning trade. The Nifty slipped below the 24,650 mark. Media shares extended losses for the fifth consecutive trading session. Trading was volatile due to the weekly F&O series expiry today.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 17.27 points or 0.02% to 81,508.87. The Nifty 50 index fell 26.05 points or 0.11% to 24,615.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.16% and the S&P BSE Small-Cap index slipped 0.37%.

The market breadth was negative. On the BSE, 1,567 shares rose and 2,088 shares fell. A total of 166 shares were unchanged.

Buzzing Index:

The Nifty Media index fell 1.38% to 1,983.15. The index slipped 4.84% in five consecutive trading sessions.

Network 18 Media & Investments (down 3.9%), Saregama India (down 2.45%), Dish TV India (down 1.64%), Sun TV Network (down 1.41%), Hathway Cable & Datacom (down 1.11%), PVR Inox (down 1.11%), Den Networks (down 0.4%), Tips Music (down 0.04%) declined.

On the other hand, Nazara Technologies (up 0.49%), Zee Entertainment Enterprises (up 0.01%) edged higher.

Stocks in Spotlight:

Waaree Energies rose 2.27% after its wholly owned subsidiary, Waaree Forever Energies, received a Letter of Award for the development of a 170 MW solar power plant in Madhya Pradesh from Rewa Ultra Mega Solar (RUMSL).

Acme Solar Holdings advanced 1.31% after the company announced that it has successfully secured a 250 MW Firm & Dispatchable Renewable Energy (FDRE) project in the e-reverse auction conducted by NHPC on 10 December 2024, at a tariff of Rs 4.56 per unit.

Grasim Industries shed 0.77%. The company informed that the finance committee of its board has approved the issuance of non-convertible debentures on a private placement basis for an amount up to Rs 2,000 crore in one or more tranches.

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