At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 172.26 points or 0.22% to 77,037.64. The Nifty 50 index shed 54.80 points or 0.23% to 23,446.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.30% and the S&P BSE Small-Cap index added 0.44%.

The market breadth was positive. On the BSE, 1,934 shares rose and 1,707 shares fell. A total of 199 shares were unchanged.

Economy:

After hitting all-time high levels following continuous gains, India’s foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI).

This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

The decrease in forex reserves was primarily driven by a reduction in foreign currency assets, which are a major component of the reserves. These assets fell by $2.097 billion, bringing the total to $574.24 billion.

Gold reserves also saw a decrease, dropping by $1.015 billion to $55.967 billion during the week. Meanwhile, the special drawing rights (SDRs) were down by $54 million, amounting to $18.107 billion. In contrast, India’s reserve position with the International Monetary Fund (IMF) increased by $245 million, reaching $4.581 billion.

Buzzing Index:

The Nifty Media index declined 1.23% to 2,014.65. The index added 1.06% in the past two trading sessions.

Sun TV Network (down 2.33%), Nazara Technologies (down 2.07%), Zee Entertainment Enterprises (down 1.52%), Tips Industries (down 1.47%), Saregama India (down 1%), TV18 Broadcast (down 0.96%), PVR Inox (down 0.89%), Dish TV India (down 0.25%) slipped.

On the other hand, Hathway Cable & Datacom (up 1.14%) ,Network 18 Media & Investments (up 1.02%) edged higher.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) gained 2.32% after the company emerged as lowest bidder (L-1) for an EPC project from South Eastern Railway worth Rs 191.53 crore.

Sky Gold was locked in an upper circuit of 5% after its board has approved 100% acquisition of equity shares of Starmangalsutra and Sparkling Chains held by existing shareholders of the companies, by way of share swap.

Biocon shed 0.54% to Rs 343.75. The company said that its subsidiary Biocon Biologics has received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new multi-product monoclonal antibodies (mAbs) drug substance facility at Bengaluru.