Nifty trades below 24,350 mark; media shares rally

The key equity indices traded with moderate losses in morning trade as investors remained cautious ahead of the weekly expiry of BSE derivatives contracts. Market participants are also assessing a slew of Q1 FY27 earnings announcements, with sector- and stock-specific movements remaining in focus amid the ongoing earnings season. Investors are also keeping a close watch on the progress of the monsoon, which remains an important factor for the broader economic outlook.

The Nifty traded below the 24,350 mark, while sentiment remained subdued amid a lack of strong directional cues. Investors continued to monitor movements in crude oil prices, Gold and developments on the global geopolitical front for further indications on the market's near-term trajectory.

Media shares jumped for the second consecutive trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 263.36 points or 0.34% to 77,715.88. The Nifty 50 index fell 106 points or 0.43% to 24,329.95.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.12% and the BSE 250 SmallCap Index jumped 0.23%.

The market breadth was strong. On the BSE, 2,097 shares rose and 1,651 shares fell. A total of 252 shares were unchanged.

Earnings Today:

Tata Motors Passenger Vehicles (up 1.69%), Max Healthcare Institute(up 0.30%), Honasa Consumer(up 2.99%), Brainbees Solutions(up 1.03%), Ipca Laboratories(up 2.24%), Jubilant FoodWorks(down 2.02%), LG Electronics India(down 0.42%), Awfis Space Solutions(down 0.53%), Brigade Enterprises(down 1.21%) will declare their Q1 earnings report later today.

Buzzing Index:

The Nifty Media Index advanced 1.06% to 1,585.75. The index rose 2.13% in the two consecutive trading sessions.

Sun TV Network (up 5.27%), Saregama India (up 3.02%), Prime Focus (up 2.31%), Network 18 Media & Investments (up 1.88%), Hathway Cable & Datacom (up 0.94%), PVR Inox (up 0.71%), Tips Music (up 0.71%), D B Corp (up 0.1%) declined.

Stocks in Spotlight:

Astral surged 7.08% after the company reported strong financial performance for Q1 FY27. On a consolidated basis, adjusted net profit increased 48.21% YoY but declined 44.71% QoQ to Rs 120.20 crore in Q1 FY27. Net sales increased 15.93% YoY but declined 24.44% QoQ to Rs 1,578 crore in Q1 FY27.

Goodyear India fell 3.32% after the company reported 53.9% fall in net profit to Rs 6.51 crore despite an 18% increase in revenue to Rs 774.35 crore in Q1 FY27 as compared with Q1 FY26.

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