BAROMETERS TRADE WITH SIGNIFICANT LOSSES; MEDIA SHARES TUMBLE FOR 3RD DAY

The frontline indices traded with moderate cuts in early afternoon trade as investors reacted to rising tariff trade tensions and awaited a slew of domestic economic data, along with the crucial US Consumer Price Index (CPI) report. The Nifty traded below the 22,400 level.

Media shares extended losses for the third consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, slipped 415.35 points or 0.56% to 73,686.97. The Nifty 50 index lost 140.85 points or 0.63% to 22,357.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.67% and the S&P BSE Small-Cap index declined 0.94%.

The market breadth was weak. On the BSE, 1,268 shares rose and 2,519 shares fell. A total of 142 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 0.76% to 13.97. The Nifty 27 March 2025 futures were trading at 22,410.40, at a premium of 53.35 points as compared with the spot at 22,357.05.

The Nifty option chain for the 27 March 2025 expiry showed a maximum call OI of 60.8 lakh contracts at the 23,000 strike price. Maximum put OI of 81.3 lakh contracts was seen at the 22,000 strike price.

Buzzing Index:

The Nifty Media index fell 2.06% to 1,451.95. The index fell 2.48% in three consecutive trading sessions.

Dish TV India (down 3.63%), PVR Inox (down 2.87%), Tips Music (down 2.47%), Network 18 Media & Investments (down 2.4%), Sun TV Network (down 2.13%), Den Networks (down 1.83%), Saregama India (down 1.51%), Zee Entertainment Enterprises (down 1.37%), Hathway Cable & Datacom (down 0.59%) and Nazara Technologies (down 0.31%) declined.

Stocks in Spotlight:

Heritage Foods rose 0.98%. The company`s board approved the appointment of Dr. Muddana Sambasiva Rao as a whole-time director (WTD) of the company for a term of five consecutive years, effective from 1 April 2025.

Godrej Agrovet rose 0.35%. The company�s board approved the acquisition of the remaining 48.06% stake in Creamline Dairy Products (CDPL) for a total consideration of Rs 930 crore.

Adani Green Energy fell 2.06%. The company announced that its wholly owned step-down subsidiary, Adani Solar Energy Ap Eight, has commissioned a 250 MW solar power project at Kadapa, Andhra Pradesh.

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