Nifty trades near 22,600 level; media shares under pressure

The key equity benchmarks traded with deep cuts in morning trade, weighed down by weak global cues, a surge in crude oil prices and rising global bond yields. Investor sentiment was further dampened by the monthly expiry of derivative contracts on the NSE. The Nifty traded near the 22,600 level.

Media shares witnessed selling pressure for fifth consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 615.61 points or 0.83% to 72,166.58. The Nifty 50 index dropped 187.75 points or 0.82% to 22,594.50.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 1.08% and the BSE 250 SmallCap Index fell 1.01%.

The market breadth was weak. On the BSE, 1,199 shares rose and 2,664 shares fell. A total of 217 shares were unchanged.

Brent crude for November 2026 settlement added $2 or 1.98% to $107.36 a barrel. The United States 10-year bond yield added 0.38% to 5.265.

New Listing:

Shares of Varmora Granito were currently trading at Rs 153.50 at 10:19 IST on the BSE, representing a premium of 3.72% as compared with the issue price of Rs 148.

The stock debuted at Rs 152 on the BSE, a premium of 2.7% over its issue price.

So far, the stock has hit a high of Rs 163.45 and a low of Rs 151.85. On the BSE, over 28.97 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media Index declined 1.70% to 1,513.10. The index tumbled 3.91% in the five consuective trading sessions.

PVR Inox (down 3.09%), Zee Entertainment Enterprises (down 2.43%), Network 18 Media & Investments (down 2.39%), Saregama India (down 1.72%), D B Corp (down 1.07%), Sun TV Network (down 0.96%), Hathway Cable & Datacom (down 0.96%), Prime Focus (down 0.86%), Tips Music (down 0.39%) and Nazara Technologies (down 0.09%) declined.

Stock in Spotlight:

Rays of Belief surged 13.05% after the company reported a sharp improvement in profitability in Q1 FY27. On a consolidated basis, adjusted net profit stood at Rs 2.79 crore in Q1 FY27 against a loss of Rs 0.54 crore in Q1 FY26. PAT increased 16.74% QoQ from Rs 2.39 crore. Net sales increased 136.32% YoY and 1.20% QoQ to Rs 25.31 crore. Revenue from India increased 27.33% YoY to Rs 12.49 crore, while revenue from the USA surged to Rs 12.82 crore from Rs 0.90 crore in Q1 FY26.

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