Nifty trades above 24,100 level; media shares climb

The key equity benchmarks traded with minor gains in morning trade, despite the U.S. Federal Reserve kept interest rates unchanged while signaling the possibility of a rate hike later this year. The rupee edged higher against the U.S. dollar despite the Federal Reserve keeping interest rates unchanged, while lower Brent crude prices following the peace agreement between the United States and Iran supported sentiment. However, investors remained cautious and will closely monitor monsoon developments, FII activity, and inflation trends for directional cues. Nifty traded above the 24,100 level.

Media shares rebounded after declining in the past trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 70.57 points or 0.09% to 77,221.20. The Nifty 50 index rose 26.45 points or 0.11% to 24,111.40.

The broader market outperformed the headline indices. The BSE 150 MidCap Index gained 0.12% and the BSE 250 SmallCap Index added 0.64%.

The market breadth was strong. On the BSE, 2,330 shares rose and 1,346 shares fell. A total of 227 shares were unchanged.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.3900 compared with its close of 94.5000 during the previous trading session.

In the commodities market, Brent crude for August 2026 settlement fell $ 1.77 or 2.23% to $77.78 a barrel.

Buzzing Index:

The Nifty Media index jumped 1.05% to 1,521.45. The index fell 0.04% in the past trading session.

Hathway Cable & Datacom (up 3.03%), Sun TV Network (up 0.97%), Saregama India (up 0.79%), Zee Entertainment Enterprises (up 0.69%) and Tips Music (up 0.61%), D B Corp (up 0.59%), Network 18 Media & Investments (up 0.5%) surged.

Stocks in Spotlight:

Kirloskar Ferrous Industries (KFIL) rallied 11.45% after it has secured an international export order valued at around $13.51 million from a buyer based in London, United Kingdom. Under the contract, the company will supply 30,000 metric tonnes (?5%) of basic-grade pig iron on a Free on Board (FOB) basis. The supplies will be backed by a sight letter of credit, with other shipping and trade terms governed by the agreement. The order has been awarded by an international entity and is scheduled for execution with the final shipment to be completed by August 15, 2026.

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