Market Commentary - Mid-Session
The domestic equity benchmarks traded with major losses in early afternoon trade as investors awaited key GDP data and responded to fresh comments from U.S. President Donald Trump regarding tariffs. The Nifty tanked below the 22,250 mark. Media shares extended losses for the two consecutive trading sessions.
At 12:30 IST, the barometer index, the S&P BSE Sensex, tanked 975.07 points or 1.30% to 73,639.24. The Nifty 50 index declined 298.45 points or 1.32% to 22,246.60.
The broader market underperformed frontline indices. The S&P BSE Mid-Cap index declined 2.46% and the S&P BSE Small-Cap index dropped 2.82%.
The market breadth was weak. On the BSE, 533 shares rose and 3,236 shares fell. A total of 136 shares were unchanged.
SEBI Leadership Change:
Tuhin Kanta Pandey has been appointed as the 11th chairperson of the Securities and Exchange Board of India (SEBI) for a three-year term. The current Finance Secretary will replace Madhabi Puri Buch, who will complete her tenure as SEBI's first woman chairperson on Friday, February 28, 2025.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.09% to 13.30. The Nifty 27 March 2025 futures were trading at 22,379.55, at a premium of 132.95 points as compared with the spot at 22,246.60.
The Nifty option chain for the 27 March 2025 expiry showed a maximum call OI of 119.9 lakh contracts at the 22,500 strike price. Maximum put OI of 84.4 lakh contracts was seen at 22,000 strike price.
Buzzing Index:
The Nifty Media index fell 3.05% to 1,393. The index declined 3.58% in the two consecutive trading sessions.
Saregama India (down 5.6%), Den Networks (down 4.69%), Tips Music (down 4.4%), Network 18 Media & Investments (down 4.39%), Dish TV India (down 3.44%), Hathway Cable & Datacom (down 3.35%), Zee Entertainment Enterprises (down 3.14%), PVR Inox (down 2.27%), Sun TV Network (down 2.25%), and Nazara Technologies (down 0.9%) declined.
Stocks in Spotlight:
Tata Consultancy Services (TCS) declined 3.16%. The company announced that it had extended its partnership with DNB Bank ASA for an additional five years to power next-generation banking innovation.
Servotech Renewable Power System tumbled 4.25%. The company announced that it has signed a MoU with the Chamber of Indian Micro, Small, & Medium Enterprises (CIMSME) to boost adoption of solar energy under the PM Surya Ghar Muft Bijli Yojana.
Narmada Gelatines shed 0.51%. The company said that its board has approved the appointment of Arun Jaiswal as a chief financial officer (CFO) and key managerial personnel (KMP) with effect from 15 March 2025.
ITCONS E-Solutions fell 0.30%. The company has announced that it has secured a work order worth Rs 3.02 crore from the Central Warehousing Corporation (CWC), Department of Food and Public Distribution, Ministry of Consumer Affairs, Food, and Public Distribution.
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