The key equity benchmarks traded with moderate gains in mid-afternoon trade. The Nifty traded above the 23,150 mark. Media shares advanced after declining for the past four consecutive trading sessions.
At 14:30 IST, the barometer index, the S&P BSE Sensex was up 242.71 points or 0.32% to 76,570.83. The Nifty 50 index rose 102.82 points or 0.45% to 23,183.10.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rallied 1.99% and the S&P BSE Small-Cap index gained 1.44%.
The market breadth was strong. On the BSE, 2,713 shares rose and 1,193 shares fell. A total of 119 shares were unchanged.
Economy:
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.37% (provisional) for the month of December, 2024 (over December, 2023). Positive rate of inflation in December, 2024 is primarily due to increase in prices of food articles, manufacture of food products, other manufacturing, manufacture of textiles and non-food articles etc. The month over month change in WPI for the month of December, 2024 stood at (-) 0.38% as compared to November, 2024. Primary Articles index decreased by 2.07% to 193.8 (provisional) in December, 2024 from 197.9 (provisional) for the month of November, 2024. Fuel & Power index increased by 1.90% to 149.9 (provisional) in December, 2024 from 147.1 (provisional) for the month of November, 2024. Manufactured Products index was 143.0 in December, 2024 (provisional), same as that in the month of November, 2024 (provisional). WPI Food Index consisting of 'food articles' from primary articles group and 'food product' from manufactured products group decreased from 200.3 in November, 2024 to 195.9 in December, 2024. The annual rate of inflation based on WPI Food Index decreased from 8.92% in November, 2024 to 8.89% in December, 2024.
Buzzing Index:
The Nifty Media index added 1.92% to 1,696.45. The index slipped 7.60% in past four consecutive trading sessions.
Dish TV India (up 5.32%), Tips Music (up 4.51%), Zee Entertainment Enterprises (up 3.03%), Hathway Cable & Datacom (up 3.03%), Network 18 Media & Investments (up 2.19%), Den Networks (up 1.98%), Sun TV Network (up 1.66%), PVR Inox (up 0.64%) added.
On the other hand, Nazara Technologies (down 1.22%), Saregama India (down 1.08%), edged lower.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 0.10% to 6.963 as compared with previous close 6.956.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.6000, compared with its close of 86.7025 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement rose 0.17% to Rs 78,298.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 109.49.
The United States 10-year bond yield declined 0.81% to 4.766.
In the commodities market, Brent crude for March 2025 settlement lost 32 cents, or 0.40% to $80.69 a barrel.
Stocks in Spotlight:
Conainer Corporation of India rallied 4.53% after the company's total throughputs jumped 11.64% to 12,84,794 TEUs (Twenty Foot Equivalent Units) in Q3 FY25 as compared with 11,50,808 TEUs posted in the corresponding quarter last year.
Piramal Enterprises soared 8.14% after the company announced that it would receive an estimate of $140 million (through its subsidiary), following the sale of Life Molecular Imaging by Life Healthcare by FY26.
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