Sensex slips 474 pts; media shares slide for 3rd day

The headline equity benchmarks dropped sharply and traded with significant losses in mid-morning trade. The Nifty traded below 22,050 mark after hitting the day`s high of 22,229.15 in morning trade. Media shares extended losses for the third consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was down 473.63 points or 0.65% to 72,621.59. The Nifty 50 index lost 152.95 points or 0.69% to 22,045.40.

In the broader market, The S&P BSE Mid-Cap index fell 1.14% and the S&P BSE Small-Cap index declined 1.38%.

The market breadth was weak. On the BSE, 956 shares rose and 2,728 shares fell. A total of 103 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Exicom Telesystems received 25,85,23,300 bids for shares as against 1,82,23,540 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (28 February 2024). The issue was subscribed 14.19 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 135 to 142 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

The IPO of Platinum Industries received 11,69,84,028 bids for shares as against 96,32,988 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (28 February 2024). The issue was subscribed 12.14 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 162 to 171 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media declined 2.53% to 2,088.55 . The index fell 3.49% in three trading sessions.

Network 18 Media & Investments (down 4.97%), TV18 Broadcast (down 4.95%), Zee Entertainment Enterprises (down 4.19%), Dish TV India (down 3.2%) and Hathway Cable & Datacom (down 2.8%) declined.

Among the other losers were Nazara Technologies (down 2.1%), D B Corp (down 2.05%), PVR Inox (down 1.85%), Saregama India (down 1.37%) and Sun TV Network (down 0.81%).

Stocks in Spotlight:

Salasar Techno Engineering declined 2.82%. the company said that it has entered into an agreement with ZETWERK Businesses for supply of 25,000 MT of solar structures.

Gensol Engineering rose 0.49%. The company said that its subsidiary Gensol Electric Vehicles (GEVPL) received Automotive Research Association of India (ARAI) certification to launch its first flagship electric vehicle.

Global Markets:

Asian stocks were trading mixed on Wednesday with investors awaiting key U.S. inflation and China data later this week. China�s manufacturing purchasing managers� index reading and U.S. personal consumption expenditures price index is due Thursday.

New Zealand�s central bank kept its interest rate steady. The Reserve Bank of New Zealand held its official cash rate at 5.50%, keeping it at a 15-year high, while warning that inflation remained well above its target range.

US stocks closed on a mixed note on Tuesday ahead of inflation and other economic data that could shed light on the possible timing of a Federal Reserve interest rate cut.

Federal Reserve Governor Michelle Bowman said that it`s too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, as per reports.

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