Sensex spurts 478 pts, Nifty above 17,650 mark, media stocks advance

The headline equity indices traded near the day's high in the early afternoon trade. The Nifty traded above 17,650 mark. Media stocks advanced for the fourth consecutive trading session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 478.35 points or 0.81% to 59,281.68. The Nifty 50 index added 127 points or 0.72% to 17,666.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index advanced 0.97%.

The market breadth was strong. On the BSE, 2,219 shares rose and 1,234 shares fell. A total of 203 shares were unchanged.

Mixed jobs data in the US coupled with surging gas prices in Europe after Russia shut a major gas exports pipeline weighed on investor sentiment.

Economy:

The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from July's four-month low of 55.5 to 57.2 in August, highlighting a rebound in growth. The upturn was attributed to stronger gains in new business, ongoing improvements in demand, job creation and overtime work.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.75% to 19.70. The Nifty 29 September 2022 futures were trading at 17,718.55, at a premium of 52.1 points as compared with the spot at 17,666.45.

The Nifty option chain for the 29 September 2022 expiry showed maximum Call OI of 21.1 lakh contracts at the 18,000 strike price. Maximum Put OI of 33.5 lakh contracts were seen at 16,500 strike price.

Buzzing Index:

The Nifty Media index rose 1.72% to 2,118, extending its winning streak for the fourth trading session. The index advanced 3.77% in four sessions.

Dish TV India (up 19.72%), Hathway Cable & Datacom (up 5.25%), Inox Leisure (up 2.46%), PVR (up 2.36%), TV18 Broadcast (up 1.56%), Network 18 Media & Investments (up 0.77%), Saregama India (up 0.74%), Zee Entertainment Enterprises (up 0.56%) edged higher.

On the other hand, Sun TV Network (down 1.35%), Nazara Technologies (down 0.87%) declined.

Stocks in Spotlight:

Wipro declined 0.48%. The IT major on Friday announced that it has partnered with Cisco to accelerate cloud transformation for customers. The IT company said that the partnership will enable its customers to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience. Wipro and Cisco will collaborate to bring together the edge, private, and public clouds to create an agile, programmable, and adaptable hybrid cloud solution.

Angel One gained 1.60% after the brokerage company said that its client base climbed 81.9% to 11.18 million in August 2022 as against 6.15 million in August 2021. On a sequential basis, the company's client base rose by 4% month on month (MoM) from 10.75 million clients in July 2022. Gross client acquisition stood at 0.44 million in August 2022 compared with 0.34 million in July 2022 (up 28.7%) and 0.45 million in August 2021 (down 1.06%).

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