Benchmarks trade with minor gains; media shares advance.

The domestic equity barometers bounced back from day's low and traded with small gains in morning trade. The Nifty traded above the 17,400 level. Media shares snapped its seven day's declining streak. Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

The barometer index, the S&P BSE Sensex, was up 38.96 points or 0.07% to 59,327.31. The Nifty 50 index added 11.10 points or 0.06% to 17,403.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index advanced 0.29%.

The market breadth was positive. On the BSE, 1,747 shares rose and 1,307 shares fell. A total of 155 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,022.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,231.66 crore in the Indian equity market on 27 February 2023, provisional data showed.

Buzzing Index:

The Nifty Media index rose 1.70% to 1,692.15. The index slipped 9.8% in past seven trading sessions.

Zee Entertainment Enterprises (up 6.12%), Hathway Cable & Datacom (up 1.67%), TV18 Broadcast (up 1.47%), Nazara Technologies (up 0.97%), Sun TV Network (up 0.87%) and Network 18 Media & Investments (up 0.78%) gained.

On the other hand, New Delhi Television (down 4.11%), Navneet Education (down 1.28%) and PVR (down 0.94%) edged lower.

Stocks in Spotlight:

Mahindra Logistics fell 1.34%. Yogesh Patel, chief financial officer and key managerial personnel of Mahindra Logistics, tendered his resignation to pursue his professional interests outside the Mahindra group. Patel will be relieved of his duties with effect from close of business hours of Friday, 10 March 2023.

Satin Creditcare Network rose 0.31% after the company said that its board will meet on 2 March 2023 to consider a fund raising proposal via issue of privately placed non-convertible debentures (NCDs).

Godrej Industries declined 0.34%. The company has announced the appointment of Vishal Sharma as the “chief executive officer- designate” (CEO-Designate) of GIL-Chemicals business with effect from 1 March 2023. Vishal Sharma will report to Nitin Nabar, executive director and president (chemicals), Godrej Industries.

Market off day's low; Sensex down 313 pts; metal shares slide

The frontline equity benchmarks came off the day's low and traded with modest losses in mid-morning trade. Negative global cues dented investor sentiments. The Nifty traded below the 17,350 mark. Metal shares declined for second straight day.

The barometer index, the S&P BSE Sensex, was down 312.98 points or 0.53% to 59,150.95. The Nifty 50 index shed 117.10 points or 0.67% to 17,348.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.23% while the S&P BSE Small-Cap index slipped 1.26%.

The market breadth was weak. On the BSE, 873 shares rose and 2,448 shares fell. A total of 194 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 2.45% to 5,310.15. The index shed 5.45% in two trading sessions.

Adani Enterprises (down 5.81%), Jindal Stainless (down 4.3%), Ratnamani Metals & Tubes (down 2.64%), Tata Steel (down 2.46%), Welspun Corp (down 2.29%), Hindalco Industries (down 2.23%), Hindustan Copper (down 2.2%), Vedanta (down 2.16%), Jindal Steel & Power (down 2.01%) and JSW Steel (down 1.91%) slipped.

Stocks in Spotlight:

Dr. Reddy's Laboratories declined 2.47%. The company said that its wholly owned subsidiary Dr. Reddy's Laboratories SA has entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma Group.

Dilip Buildcon added 1.50% after the company, through its joint venture, Dilip Buildcon-Skyway Infraprojects [DBL-SIPL (JV)] has executed the EPC agreement with Madhya Pradesh Jal Nigam Maryadit for a project worth Rs 1,947.06 crore.

Lemon Tree Hotels fell 0.34%. The company has signed license agreement for a 110 room property in Kasauli, Himachal Pradesh under its brand Aurika Hotels & Resorts. The hotel is expected to be operational in November 2024. Carnation Hotels, a wholly owned subsidiary and the hotel management arm of the company, will be operating this hotel.

Global markets:

Asian shares declined across the board on Monday, after major indexes on Wall Street recorded their worst week for 2023.

The US stocks declined on Friday, following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve's preferred inflation gauge.

The personal-consumption-expenditures price index showed the cost of U.S. goods and services jumped 0.6% in January, according to a Bureau of Economic Analysis report Friday.

The more closely followed core index, which is the Fed's preferred inflation measure, also rose 0.6% in January, climbing 4.7% over the past 12 months.

Sensex adds 153 pts, metal stocks tumble.

The key equity indices traded with minor gains in morning trade. The Nifty traded around the 17,550 mark. Realty, pharma and healthcare stocks were in demand while metal, media and auto scrips corrected.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 153.02 points or 0.26% to 59,758.82. The Nifty 50 index gained 30.05 points or 0.17% to 17,541.30.

In the broader market, the S&P BSE Mid-Cap index added 0.21% while the S&P BSE Small-Cap index rose 0.31%.

The market breadth was positive. On the BSE, 1,840 shares rose and 1,229 shares fell. A total of 154 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,417.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,586.06 crore in the Indian equity market on 23 February, provisional data showed.

Buzzing Index:

The Nifty Metal index slipped 2.38% to 5,478.05. The index added 0.35% in the past trading session.

Hindalco Industries (down 4.11%), Adani Enterprises (down 3.65%), Jindal Steel & Power (down 3.04%), JSW Steel (down 2.94%), National Aluminium Company (down 2.93%), Vedanta (down 2.54%), Steel Authority of India (down 1.94%), Tata Steel (down 1.61%), Hindustan Copper (down 1.43%) and APL Apollo Tubes (down 0.49%) tumbled.

On the other hand, Hindustan Zinc (up 1.19%), Jindal Stainless (up 0.39%) and Welspun Corp (up 0.08%) edged higher.

Stocks in Spotlight:

Sanofi India rallied 3.60% after the company's net profit surged 44.8% to Rs 130.9 crore in Q4 CY22 from Rs 90.40 crore in Q4 CY21. Revenue from operations fell 2.3% year on year (YoY) to Rs 671.90 crore in the quarter ended 31 December 2022.

Rail Vikas Nigam fell 1.62% after the company said that it has received a letter of award (LoA) from M. P. Madhya Kshetra Vidyut Vitaran Co. (MPMKVVCL) worth Rs 196.76 crore.

Olectra Greentech surged 13.33%. Olectra Greentech is set to offer the next-generation transport system to the Indian market. Olectra announced its Hydrogen Bus in technical partnership with Reliance.