Benchmarks trade with strong gains; media shares tumble

The key equity benchmarks traded with significant gains in mid-afternoon trade. The Nifty held above the 23,050 mark, supported by buying interest in index heavyweight stocks. However, elevated crude oil prices and renewed geopolitical tensions in the Middle East continued to pose risks to the market. Brent crude remained above $115 per barrel amid concerns over supply disruptions, keeping investors cautious about inflation and the impact on India's import bill.

Media shares declined after advancing in the past three trading sessions.

At 14:25 IST, the S&P BSE Sensex jumped 393.95 points or 0.54% to 74,546.91. The Nifty 50 index rose 117.25 points or 0.51% to 23,054.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index declined 0.81% and the Nifty SmallCap 250 Index fell 1.68%.

The market breadth was weak. On the NSE, 975 shares rose and 2,497 shares fell. A total of 96 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.27% to 15.31.

Buzzing Index:

The Nifty Media index declined 1.40% to 1,632.15. The index increased 6.35% in the past three consecutive trading sessions.

Zee Entertainment Enterprises (down 5.4%), D B Corp (down 3.68%), Sun TV Network (down 2.69%), Network 18 Media & Investments (down 2.36%), Tips Music (down 1.85%), Nazara Technologies (down 1.3%), MPS (down 0.28%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.09% to 7.380 compared with previous session close of 7.387.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.0075 compared with its close of 95.2650 during the previous trading session.

MCX Gold futures for the 4 December 2026 settlement fell 0.60% to Rs 1,41,734.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.34% to 101.69.

The United States 10-year bond yield declined 1.30% to 4.919.

In the commodities market, Brent crude for the December 2026 settlement advanced $1.05 or 0.91% to $115.93 a barrel.

Stocks in Spotlight:

Equitas Small Finance Bank shares slumped 6.56%, despite the lender reporting its highest-ever quarterly net profit of Rs 218.04 crore for Q2 FY27. The sharp sell-off followed the resignation of managing director and CEO P. N. Vasudevan, with concerns over leadership succession and a perceived conflict of interest weighing on investor sentiment. The board has asked him to continue as MD and CEO until a successor takes charge.

The bank's profit after tax surged 803.23% year-on-year and 18.75% quarter-on-quarter to Rs 218.04 crore in Q2 FY27, compared with Rs 24.14 crore in Q2 FY26 and Rs 183.61 crore in Q1 FY27. Total income increased 27.69% year-on-year and 6.41% sequentially to Rs 2,357.51 crore.

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