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The domestic equity barometers continued to trade with minor losses in mid-afternoon trade. The Nifty traded below the 16,950 mark after hitting the day's high of 17,061.75 in early trade. Media stocks witnessed selling pressure for fifth day in a row.
The barometer index, the S&P BSE Sensex, was down 80.81 points or 0.14% to 57,573.05. The Nifty 50 index lost 45.15 points or 0.27% to 16,940.55.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.62% while the S&P BSE Small-Cap index was declined 0.83%.
Sellers outnumbered buyers. On the BSE, 950 shares rose and 2,521 shares fell. A total of 120 shares were unchanged.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose to 7.330 from 7.312 previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.2075, compared with its close of 82.3150 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement was up 0.05% to Rs 59,014.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 102.72.
The United States 10-year bond yield advanced 0.80% to 3.556.
In the commodities market, Brent crude for May 2023 settlement was up 31 cents or 0.40% to $78.43 a barrel.
Buzzing Index:
The Nifty media index declined 2.12% to 1,641.85. The index slipped 5.85% in past five trading sessions.
Dish TV India (down 5.26%), New Delhi Television (down 4.04%), Hathway Cable & Datacom (down 3.46%), Sun TV Network (down 3.36%) and TV18 Broadcast (down 2.3%) were the top losers.
Among the other losers were Network 18 Media & Investments (down 1.68%), Nazara Technologies (down 1.59%), Zee Entertainment Enterprises (down 1.45%), PVR (down 1.4%) and Navneet Education (down 0.11%).
Gainers & Losers:
IndusInd Bank (up 1.85%), UPL (up 1.76%), Coal India (up 0.84%), Dr. Reddy's Laboratories (up 0.83%) and HDFC Bank (up 0.79%) were the top Nifty gainers.
Adani Enterprises (down 6.63%), Adani Ports and Special Economic Zone (down 5.56%), Tech Mahindra (down 2.99%), Hero MotoCorp (down 2.20%) and ONGC (down 2%) were the top Nifty losers.
Stocks in Spotlight:
G R Infraprojects declined 4.99%. The company has been emerged lowest bidder (L1) bidder for two projects in Karnataka.
Allcargo Logistics rose 1.37% after the company said it will buy a 30% stake in Gati-Kintetsu Express for Rs 406.71 crore. Post completion of this transaction, Allcargo Logistics will hold 30% stake and Gati will continue to hold the existing 70% stake in GKEPL.
One 97 Communications rose 0.60%. Paytm Payments Bank (PPBL) announced that its full KYC wallet customers will be able to make payments on every UPI QR codes and online merchant where UPI payments are accepted. Paytm Payments Bank has the largest scale in India, in terms of mobile transactions.
Kalyan Jewellers slumped 8.88%. On the BSE, over 70.31 lakh shares of the company had changed hands at the counter as against an average trading volume of 3.39 lakh shares in the past two weeks.
Warburg Pincus will reportedly offload a 2.5% stake in the company through a block deal. The shares would be offloaded at Rs 110 apiece, as per reports.
Aditya Birla Capital shed 0.48% after the company received board approval for sale of its entire 25.65 lakh shares or 50.002% stake in Aditya Birla Insurance Brokers (ABIBL), to Edme Services. Infocyber India, the other shareholder of ABIBL, will also sell its 25.64 lakh shares, or 49.998% stake of the company, to Edme Services. The total enterprise value of the transaction is set at Rs 455 crore.
Adani Enterprises tumbled 6.63%. AMG Media Networks (AMNL), a wholly-owned subsidiary of Adani Enterprises, has completed the acquisition of 49% stake in Quintillion Business Media (QMBL) for a cash consideration of Rs 47.84 crore.
Global Markets:
Shares in Europe and Asia advanced on Tuesday as investor fears over the recent banking turmoil continued to show signs of easing.
Overnight in the U.S., stocks on Wall Street ended higher - bank stocks broadly rose as investors attempted to move on from the turmoil after First Citizens bought a large chunk of failed Silicon Valley Bank.
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