Market Commentary     24-May-23
Barometers pares losses; Nifty climbs above 18,350; media shares rise
The benchmark indices reversed all losses and traded with small gains in morning trade. The Nifty marched above the 18,350 mark after hitting day's low of 18,269.70 in early trade. Media stocks witnessed buying demand for second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 36.46 points or 0.06% to 62,018.25. The Nifty 50 index added 6.50 points or 0.04% to 18,354.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index gained 0.41%.

The market breadth was positive. On the BSE, 1,858 shares rose and 1,234 shares fell. A total of 165 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 182.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 397.29 crore in the Indian equity market on 23 May, provisional data showed.

Results Today:

Hindalco Industries (down 0.90%), National Aluminium Company (down 0.47%), FSN E-Commerce Ventures (down 1.60%), Oil India (down 0.04%), 63 Moons Technologies (up 2.10%), Ashoka Buildcon (up 0.68%), Bayer Cropscience (down 0.06%), Brigade Enterprises (up 0.35%), Cummins India (up 0.23%), Fine Organic Industries (up 0.02%), Gujarat Pipavav Port (up 3.27%), Garden Reach Shipbuilders & Engineers (up 0.82%), ICRA (up 0.21%), India Cements (down 1.19%), IRCON International (up 2.10%), JB Chemicals & Pharmaceuticals (down 0.10%), Nava (down 0.04%), The Phoenix Mills (up 1.01%), Hitachi Energy India (down 0.13%), Trident (up 0.29%), Titagarh Wagons (up 1.18%) and Wonderla Holiday (up 0.92%) will announced their quarterly earnings later in the day.

Buzzing Index:

The Nifty Media index rose 1.28% to 1,705.15. The index gained 2.40% in two trading sessions.

TV18 Broadcast (up 7.13%), Hathway Cable & Datacom (up 7.12%), New Delhi Television (up 4.99%), Network 18 Media & Investments (up 4.18%), Dish TV India (up 2.42%), Zee Entertainment Enterprises (up 0.71%), PVR Inox (up 0.55%), Navneet Education (up 0.13%) advanced.

On the other hand, Sun TV Network (down 0.72%) and Nazara Technologies (down 0.23%) edged lower.

Stocks in Spotlight:

Wipro fell 0.26%. Wipro announced an expanded partnership with Google Cloud to bring its advanced generative artificial intelligence (AI) capabilities to clients across the globe. As part of the partnership expansion, Wipro will also train 20,000 associates on Google Cloud's generative AI technologies to help clients realize the full potential of AI and drive secure, AI-led transformations at scale.

Varun Beverages (VBL) advanced 2.80%. VBL, India's largest bottler of PepsiCo beverages, has incorporated a wholly-owned subsidiary in South Africa. The subsidiary, Varun Beverages South Africa, will be based in Johannesburg. It will help Varun Beverages to further expand its reach in Africa and to better serve its customers in the region.

Century Textiles & Industries added 0.08%. The company said that its board on Tuesday (23 May 2023) has approved raising of funds upto Rs 400 crore via issue of debentures on private placement basis in one or more tranches.

Previous News
  Wipro appoints Sarat Chand as Regional Head and MD of Northern Europe
 ( Corporate News - 23-May-24   19:38 )
  Wipro files Annual Report on Form 20-F with SEC
 ( Corporate News - 23-May-24   09:16 )
  Wipro allots 4.70 lakh equity shares under ESOP
 ( Corporate News - 22-May-24   19:44 )
  Market opens on higher note in special trading session; breadth strong
 ( Market Commentary - Mid-Session 18-May-24   09:38 )
  Stock Alert: Nestle India, Wipro, Dr. Reddy's Labs, Bandhan Bank
 ( Market Commentary - Stock Alert 18-May-24   08:44 )
  Wipro appoints Sanjeev Jain as Chief Operating Officer
 ( Corporate News - 17-May-24   19:20 )
  Varun Beverages Ltd up for third consecutive session
 ( Hot Pursuit - 14-May-24   13:05 )
  Varun Beverages
 ( Results - Analysis 13-May-24   18:26 )
  Wipro grants 18,796 RSUs under ADS RSUP
 ( Corporate News - 13-May-24   19:25 )
  Board of Varun Beverages approves incorporation of subsidiary in Zimbabwe
 ( Corporate News - 13-May-24   17:42 )
  Board of Varun Beverages approves change in CFO
 ( Corporate News - 13-May-24   17:40 )
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