Nifty trades above 24,200 level; media shares rally for 3rd day

The headline equity benchmarks traded with minor gains in the mid-afternoon trade, as investors looked past the escalation in the US-Iran conflict and shifted their focus to stock-specific developments and the ongoing first-quarter earnings season. Investor sentiment improved after a cautious start, with market participants selectively accumulating stocks amid corporate earnings announcements.

Going ahead, investors will closely monitor further developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season, corporate business updates, and the progress of the southwest monsoon for cues on the market's near-term direction.

At 14:30 IST, the barometer index, the S&P BSE Sensex rose 110.43 points or 0.14% to 77,679.82. The Nifty 50 index added 22.90 points or 0.09% to 24,229.80.

In the broader market, the BSE 150 MidCap Index gained 0.02% and the BSE 250 SmallCap Index jumped 0.29%.

The market breadth was positive. On the BSE, 2,247 shares rose and 2,067 shares fell. A total of 216 shares were unchanged.

Buzzing Index:

The Nifty Media index surged 1.97% to 1,513.55. The index climbed 4.20% in three consecutive trading sessions.

Prime Focus (up 5%), Saregama India (up 3.68%), Zee Entertainment Enterprises (up 3.19%), Hathway Cable & Datacom (up 2.36%) and Network 18 Media & Investments (up 2.28%) were the top gainers. Among the other gainers were PVR Inox (up 1.64%), Nazara Technologies (up 1.58%) and Tips Music (up 0.30%) advanced.

On the other hand, D B Corp (down 0.85%) and Sun TV Network (down 0.28%), edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.28% to 6.735 compared with the previous session close of 6.716.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.6850 compared with its close of 95.3800 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement fell 0.75% to Rs 1,42,403.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 100.64.

The United States 10-year bond yield shed 0.01% to 4.569.

In the commodities market, Brent crude for September 2026 settlement jumped $2.26 or 2.97% to $78.27 a barrel.

Stocks in Spotlight:

Puravankara surged 11.86% after the real estate developer reported a 28% year-on-year (YoY) increase in pre-sales to Rs 1,439 crore in Q1 FY27.

Sambhv Steel Tubes rallied 3.03% after the company said its board will meet on Wednesday, 15 July 2026, to consider a proposal to raise funds.

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