Market Commentary - Mid-Session
Nifty slides below 24,300; media shares decline As on : 18-Dec-24  10:34

The frontline indices traded with modest losses in morning trade. The Nifty slipped below the 24,300 level after hitting the day's high of 24,394.45 in morning trade. Media shares extended losses for the second consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 295.95 points or 0.37% to 80,391.71. The Nifty 50 index lost 79.50 points or 0.33% to 24,256.50.

In the broader market, the S&P BSE Mid-Cap index declined 0.33% and the S&P BSE Small-Cap index fell 0.44%.

The market breadth was negative. On the BSE, 1,619 shares rose and 2,000 shares fell. A total of 173 shares were unchanged.

New Listing:

Shares of Sai Life Sciences were currently trading at Rs 700.70 at 10:16 IST on the BSE, representing a premium of 27.63% as compared with the issue price of Rs 549.

The scrip was listed at Rs 660, exhibiting a premium of 20.21% to the issue price.

So far, the stock has hit a high of 704 and a low of 651.20. On the BSE, over 19.01 lakh shares of the company were traded in the counter so far.

Shares of Vishal Mega Mart were currently trading at Rs 110.15 at 10:25 IST on the BSE, representing a premium of 41.22% as compared with the issue price of Rs 78.

The scrip was listed at Rs 110, exhibiting a premium of 41.02% to the issue price.

So far, the stock has hit a high of 110.95 and a low of 104.92. On the BSE, over 395.28 lakh shares of the company were traded in the counter so far.

Shares of One Mobikwik Systems were currently trading at Rs 497.75 at 10:15 IST on the BSE, representing a premium of 78.41% as compared with the issue price of Rs 279.

The scrip was listed at Rs 442.25, exhibiting a premium of 58.51% to the issue price.

So far, the stock has hit a high of 524 and a low of 439.20. On the BSE, over 11.52 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index slipped 1.17% to 1,959. The index declined 1.14% in two consecutive trading sessions.

PVR Inox (down 2.45%), Zee Entertainment Enterprises (down 2.07%), Dish TV India (down 1.89%), Sun TV Network (down 1.02%), Den Networks (down 0.90%), Saregama India (down 0.69%), Network 18 Media & Investments (down 0.44%) and Hathway Cable & Datacom (down 0.17%) declined.

On the other hand, Nazara Technologies (up 1.32%) and Tips Music (up 0.40%) edged higher.

Stocks in Spotlight:

Rites shed 0.50%. The company has secured an order worth Rs 122.60 crore from the Meerut Development Authority.

Exide Industries (EIL) added 0.45%. The company said that it has invested Rs 99.99 crore in its wholly owned subsidiary, Exide Energy Solutions for greenfield project in Bengaluru.

Jindal Saw slipped 1.47%. The company has entered into an agreement with ReNew Green Energy Solutions to acquire shareholding up to 31.2% stake in ReNew Green MHH One.

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