Broader market outperforms; media stocks rise for 5th day

The key equity benchmarks continued to trade with strong gains in early afternoon trade. The Nifty continued to hold above the 17,250 mark. Media shares extended their winning streak for the fifth consecutive session.

At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 339.64 points or 0.59% to 57,909.89. The Nifty 50 index gained 115.60 points or 0.67% to 17,273.85.

In the broader market, the S&P BSE Mid-Cap index rose 1% while the S&P BSE Small-Cap index gained 1.13%.

The market breadth was strong. On the BSE, 2,187 shares rose and 1,115 shares fell. A total of 184 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.90% to 17.53. The Nifty 25 August 2022 futures were trading at 17,302.50, at a premium of 28.65 points compared with the spot at 17,273.85.

The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 20.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 26.3 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

The Nifty Media index rose 2.32% to 2,127.35. The index has added 8.38% in five sessions.

Nazara Technologies (up 16.07%), TV18 Broadcast (up 3.91%), Network 18 Media & Investments (up 3.24%), Zee Entertainment Enterprises (up 2.77%) and Hathway Cable & Datacom (up 2.39%) were the top gainers.

Among the other gainers were Dish TV India (up 1.79%), Saregama India (up 0.57%), PVR (up 0.5%), Inox Leisure (up 0.19%).

Stocks in Spotlight:

Steel Strips Wheels (SSWL) rose 2.65% to Rs 819.15 after the company's net turnover increased by 18.57% to Rs 363.03 crore in July 2022 from Rs 306.12 crore in July 2021.

Nilkamal jumped 7.93% to Rs 2156.20 after the company's consolidated net profit surged to Rs 28.66 crore in Q1 June 2022 as against Rs 1.68 crore in Q1 June 2021.

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