Market Commentary - Mid-Session
The key benchmark indices traded near the flat line with some positive bias in early afternoon trade. The Nifty traded tad above the 23,350 mark. Media shares extended gains for the third consecutive trading session.
At 12:25 IST, the barometer index, the S&P BSE Sensex, advanced 43.68 points or 0.06% to 76,783.23. The Nifty 50 index added 24 points or 0.10% to 23,352.55.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.57% and the S&P BSE Small-Cap index rallied 0.91%.
The market breadth was strong. On the BSE, 2,575 shares rose and 1,177 shares fell. A total of 172 shares were unchanged.
Derivatives :
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.96% to 15.62. The Nifty 24 April 2025 futures were trading at 23,349.70, at a discount of 2.85 points as compared with the spot at 23,352.55.
The Nifty option chain for the 30 April 2025 expiry showed a maximum call OI of 9.6 lakh contracts at the 24,000 strike price. A maximum put OI of 6.3 lakh contracts was seen at a 23,000 strike price.
Buzzing Index:
The Media index rose 0.99% to 1,563.85. The index jumped 5.72% in three trading sessions.
Zee Entertainment Enterprises (up 3.2%), Network 18 Media & Investments (up 2.06%), Tips Music (up 1.99%), D B Corp (up 1.83%), Hathway Cable & Datacom (up 1.35%), Dish TV India (up 0.88%), Nazara Technologies (up 0.33%) and PVR Inox (up 0.13%) advanced.
Stocks in Spotlight:
Indraprastha Gas (IGL) slipped 2.12% after the company disclosed a reduction in its domestic gas allocation, a move that is expected to impact its profitability. It has received a communication from GAIL (India), the nodal agency for domestic gas distribution, stating that its allocation of domestic natural gas for the supply of piped natural gas (PNG) to households and compressed natural gas (CNG) for vehicles has been reduced by approximately 20%, effective 16 April 2025.
Unicommerce Esolutions added 1.77%. The company announced the resignation of Bhupinder Garg as chief technical officer (CTO) of the company due to personal reasons, with effect from 15 April 2025.
Prozone Realty hit an upper circuit of 2% after the company announced that its board has approved the acquisition of 100% equity shares of Probliss Realty. It will invest Rs 1 lakh to acquire 10,000 equity shares of Rs 10 each at par in Probliss Realty, a private entity incorporated on 24 November 2022, with a paid-up share capital of Rs 1 lakh.
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