INDICES TRADE WITH DEEP CUTS, MEDIA SHARES DECLINE

The benchmark indices traded with major losses in the morning trade. The Nifty traded below the 21,450 mark. Media shares extended losses for the second consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 413.02 points or 0.58% to 71,087.74. The Nifty 50 index lost 149.35 points or 0.69% to 21,422.60.

In the broader market, the S&P BSE Mid-Cap declined 1.18% and the S&P BSE Small-Cap index shed 0.87%.

The market breadth was weak. On the BSE, 1,022 shares rose and 2,508 shares fell. A total of 151 shares were unchanged.

Results Today:

IndusInd Bank (down 2.46%), 360 ONE WAM (up 0.63%), Finolex Industries(down 1.08%), Home First Finance Company India (up 0.52%), IndiaMART InterMESH (down 0.80%), Innova Captab (down 0.59%), Jindal Stainless (down 3.24%), Mastek (down 1.25%), Metro Brands (down 0.76%), Polycab India (down 3.11%), Poonawalla Fincorp (down 2.01%), Ramkrishna Forgings (down 1.93%), Shoppers Stop (down 1.02%), South Indian Bank (down 1.20%), Supreme Petrochem (down 2.42%), Sterling and Wilson Renewable Energy (down 2.04%), and Tata Communications (up 1.70%)will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Media index declined 2.46% to 2,345.45. The index fell 2.58% in two trading sessions.

Network 18 Media & Investments (down 4.63%), TV18 Broadcast (down 4.28%), D B Corp (down 4.1%), Nazara Technologies (down 3.66%), Zee Entertainment Enterprises (down 3.64%), Hathway Cable & Datacom (down 3.57%), Dish TV India (down 3.42%), PVR Inox (down 1.82%), Saregama India (down 1.59%) and Sun TV Network (down 0.63%) edged lower.

Stocks in Spotlight:

Persistent Systems shed 0.33%. The board of directors of the company may consider a proposal of alteration in the share capital of the company on 20 January 2024 by sub-division/split of the existing equity shares having face value of Rs 10 each.

RailTel Corporation of India declined 1.79%. The company has received the work order from South Central Railway for Works amounting to Rs. 82.41 crore (Including Tax).

Uniparts India rose 0.45%. Uniparts India on Wednesday announced that its wholly owned subsidiary, Uniparts Olsen Inc. has received an order of $1.2 million from Doosan Bobcat North America Inc.

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