Nifty below 25,450; media shares decline
At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 74.17 points or 0.09% to 83,358.72. The Nifty 50 index lost 22.45 points or 0.09% to 25,438.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was negative. On the BSE, 1,803 shares rose and 1,816 shares fell. A total of 225 shares were unchanged.
Economy:
India?s foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.
Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.
India?s reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.
Buzzing Index:
The Nifty Media index fell 1.23% to 1,740.05. The index rose 0.83% in the past two trading sessions.
Nazara Technologies (down 2.51%), Zee Entertainment Enterprises (down 1.84%), PVR Inox (down 1.39%), Sun TV Network (down 1.27%) and Saregama India (down 0.83%), D B Corp (down 0.34%) declined.
On the other hand, Dish TV India (up 4.31%), Tips Music (up 0.56%) and Hathway Cable & Datacom (up 0.19%) edged higher.
Stocks in Spotlight:
Power and Instrumentation (Gujarat) added 2.14% after the firm said that it has received a work order from Nyati Engineering & Construction valued at Rs 2.59 crore.
Puravankara rallied 3.39% after the company has selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.
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