Indices trade near flat line; Media shares rally

The key equity indices pared all gains and traded near flat line in morning trade. The Nifty traded below the 22,500 level. Media shares witnessed buying demand for third consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 42.60 points or 0.06% to 73,959.63. The Nifty 50 index added 15.80 points or 0.07% to 22,481.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.42% while the S&P BSE Small-Cap index gained 0.84%.

The market breadth was strong. On the BSE, 2,315 shares rose and 861 shares fell. A total of 120 shares were unchanged.

Results Today:

Anupam Rasayan India(up 0.18%), ASK Automotive (down 0.16%), Chemcon Speciality Chemicals(up 0.96%), Data Patterns (India)(up 2.58%), Gujarat Ambuja Exports(up 1.62%), Jyoti CNC Automation(up 2.10%), Krsnaa Diagnostics (up 0.66%), Parag Milk Foods(up 0.72%), Trident (up 0.85%), and Ujjivan Small Finance Bank(up 1.08%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Media index gained 1.32% to 1,835.75. The index jumped 3.57% in the two trading sessions.

Zee Entertainment Enterprises Ltd (up 4.15%), Dish TV India Ltd (up 1.22%), TV18 Broadcast Ltd (up 0.58%), Hathway Cable & Datacom Ltd (up 0.47%) and Network 18 Media & Investments Ltd (up 0.24%) were the top gainers.

Among the other gainers were Sun TV Network Ltd (up 0.22%), Nazara Technologies Ltd (up 0.15%), PVR Inox Ltd (up 0.09%).

stocks in spotlight:

Zydus Lifesciences upper circuit of 5% after the company�s consolidated net profit rose 298.62% to Rs 1182.30 crore in the quarter ended March 2024 as against Rs 296.60 crore during the previous quarter ended March 2023. Sales rose 10.59% to Rs 5366.40 crore in the quarter ended March 2024 as against Rs 4852.50 crore during the previous quarter ended March 2023.

Shalimar Paints rose 0.78%. The company reported consolidated net loss of Rs 26.42 crore in the quarter ended March 2024 as against net loss of Rs 9.62 crore during the previous quarter ended March 2023. Sales rose 6.58% to Rs 144.26 crore in the quarter ended March 2024 as against Rs 135.36 crore during the previous quarter ended March 2023.

Global Health shed 0.28%. The company �s consolidated net profit rose 26.03% to Rs 127.38 crore in the quarter ended March 2024 as against Rs 101.07 crore during the previous quarter ended March 2023. Sales rose 14.37% to Rs 808.63 crore in the quarter ended March 2024 as against Rs 707.06 crore during the previous quarter ended March 2023.

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