Market Commentary     06-Jul-23
Sensex, Nifty at fresh life highs; media shares advance
The key equity indices marched higher and hit an intraday high in mid-afternoon trade. The Nifty traded above the 19,450 mark. Media shares witnessed buying demand for five consecutive trading sessions. Trading was volatile due to expiry of weekly index options on the NSE.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 166.99 points or 0.26% to 65,613.03. The Nifty 50 index added 61.15 points or 0.32% to 19,459.65.

The Nifty 50 and the Sensex hit all-time highs in mid-afternoon trade at 19,490.20 and 65,754.12, respectively.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.61% while the S&P BSE Small-Cap index gained 0.57%. Both the indices hit record high in today's intraday session.

The market breadth was positive. On the BSE, 1,950 shares rose and 1,481 shares fell. A total of 137 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 1.28% to 1,816.40. The index rallied 4.29% in five trading sessions.

Sun TV Network (up 4%), Zee Entertainment Enterprises (up 2.87%), Navneet Education (up 2.27%), Network 18 Media & Investments (up 1.36%), TV18 Broadcast (up 1.31%), Hathway Cable & Datacom (up 0.97%) advanced.

On the other hand, Dish TV India (down 1.42%), PVR Inox (down 0.61%) and New Delhi Television (down 0.29%) declined.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced 0.52% to 7.142 from previous close of 7.105.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.5350, compared with its close of 82.2575 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement gained 0.05% to Rs 58,500.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 103.34.

The United States 10-year bond yield jumped 0.69% to 3.971.

In the commodities market, Brent crude for September 2023 settlement up 40 cents or 0.31% to $76.96 a barrel.

Stocks in spotlight:

Hatsun Agro Product rose 1.56% after the company's board approved the sale of windmill division of the company to V.K.A. POLYMERS at a consideration of Rs 135 crore on slump sale basis.

Life Insurance Corporation of India (LIC) rose 0.22% after the company disclosed that it decreased its stake in India Cements from 5.875% to 3.833%.

G M Breweries declined 0.52% after the company reported 23.21% rise in net profit to Rs 19.91 crore on 5.09% increase in revenue from operations to Rs 579.39 crore in Q1 FY24 over Q1 FY23.

Premier Explosives jumped 5.21% after the company received orders from Ministry of Defence, and Bharat Dynamics, Hyderabad aggregating to Rs 86.51 crore.

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