Market Commentary - Mid-Session
Barometers trade sideways; Media shares rally for 2nd day As on : 05-Sep-24  10:32

The key equity indices pared all gains and witnessed sideways movement in morning trade. The Nifty tad below 25,200 level. Media shares extended gains for second consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, declined 27.2 points or 0.03% to 82,321.40. The Nifty 50 index added 0.45 points or 0.00% to 25,199.15.

In the broader market, the S&P BSE Mid-Cap index jumped 0.24% and the S&P BSE Small-Cap index gained 0.47%.

The market breadth was strong. On the BSE, 2,371 shares rose and 1186 shares fell. A total of 179 shares were unchanged.

Buzzing index:

The Nifty Media index rose 1.16 % to 2,090.15. The index jumped 1.25% in the two consecutive trading sessions.

PVR Inox (up 1.83%), TV18 Broadcast (up 1.62%), Network 18 Media & Investments (up 1.58%), Hathway Cable & Datacom (up 0.83%) and Dish TV India (up 0.43%) were the top gainers. Among the other gainers were Saregama India (up 0.37%), Sun TV Network (up 0.36%), Zee Entertainment Enterprises (up 0.25%) advanced.

Stocks in Spotlight:

Suzlon Energy advanced 1.33% after the company has executed a conveyance deed with OE Business Park (OEBPPL) for the sale of its corporate office, One Earth Property for Rs 440 crore. OEBPPL is a special purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management. Upon completion of the sale, the One Earth Property will be leased back to Suzlon for five years with sub-leasing and licensing rights.

Allied blenders and Distillers rose 0.91%. The company's board approves the acquisition of majority stake in target entity to be formed in collaboration with Oh Five Oh Talent liability partnership. The company will undertake manufacturing, distribution, licensing, and marketing of various types of luxury and premium spirits comprising owned and third-party brands. Meanwhile, the board appoints Anil Somani as chief financial officer and key managerial personnel effective Sept 5.

Ganesha Ecosphere rallied 5.83% after the company's board approved the incorporation of joint venture with Race Eco Chain to set up washing plants.

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