Nifty below 22,050; media shares decline

The key equity barometers traded with minor losses in the morning trade. The Nifty traded below the 22,050 mark. Media shares slipped after advancing in the past two consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 174.24 points or 0.24% to 72,657.70. The Nifty 50 index lost 49.20 points or 0.22% to 22,047.55.

In the broader market, the S&P BSE Mid-Cap rose 0.18% and the S&P BSE Small-Cap index lost 0.08%.

The market breadth was negative. On the BSE, 1,484 shares rose and 2,065 shares fell. A total of 212 shares were unchanged.

Economy:

India�s foreign exchange (forex) reserves increased $6.396 billion to $642.492 billion for the week ended March 15, according to the latest RBI data. In the previous reporting week, the overall reserves had risen by $10.47 billion to $636.095 billion.

Foreign currency assets, a major component of the reserves, increased by $6.034 billion to $568.386 billion, the data showed.

Gold reserves increased by $425 million to $51.14 billion during the week, the RBI said. The special drawing rights (SDRs) were up by $65 million to $18.276 billion, the apex bank said.

India�s reserve position with the IMF was down by $129 million to $4.689 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Media index fell 0.77% to 1,835.50. The index advanced 3.06% in the past two trading sessions.

Dish TV India (down 2.8%), Saregama India (down 1.73%), Hathway Cable & Datacom (down 1.72%), D B Corp (down 1.69%) and Zee Entertainment Enterprises (down 1.23%) and PVR Inox (down 0.76%) declined.

On the other hand, TV18 Broadcast (up 0.81%), Nazara Technologies (up 0.47%) and Network 18 Media & Investments (up 0.33%) edged higher.

Stocks in Spotlight:

Dabur India shed 0.64%. ICRA has reaffirmed its rating on the long-term debt instruments of the company at `[ICRA] AAA� with `stable� outlook. ICRA stated that the reaffirmation of ratings factors in Dabur India`s (Dabur) continued healthy operating and financial performance, as reflected in its healthy volume growth (across product categories), robust cash flows, strong balance sheet and superior liquidity position.

Rail Vikas Nigam (RVNL) jumped 4.04% after the company announced that it has entered into a Memorandum of Understanding (MoU) with the Airports Authority of India (AAI) for the construction of a subway/underpass in Kolkata.

Zydus Lifesciences fell 0.44%. The company announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market Letermovir tablets. The drug had annual sales of $289.5 million in the United States.

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