Nifty slides below 24,350; media shares slide

Business Standard

07-05-2025

The headline equity benchmarks traded with limited losses in the morning trade as investors reacted to news of Operation Sindoor, a targeted strike by Indian forces on terror sites in response to the recent Pahalgam attack. The operation was described as focused and restrained, avoiding Pakistani military targets. The Nifty traded below the 24,350 mark. The market could be volatile due to rising INDO-PAK tensions.
At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 138.93 points or 0.17% to 80,502.14. The Nifty 50 index lost 44.65 points or 0.18% to 24,334.95.
In the broader market, the S&P BSE Mid-Cap index shed 0.01% and the S&P BSE Small-Cap index fell 0.34%.
The market breadth was weak. On the BSE, 1,084 shares rose and 2,349 shares fell. A total of 160 shares were unchanged.
Earnings Today:
Coal India (up 0.07%), Apcotex Industries (up 0.25%), APL Apollo Tubes (up 1.01%), Blue Star (down 2.25%), CarTrade Tech (up 3.31%), Craftsman Automation (down 1.77%), Dabur India (down 0.36%), Housing & Urban Development Corporation (down 0.18%), Lloyds Engineering Works (down 1%), Man Industries (India) (down 0.76%), MRF (down 0.27%), Route Mobile (down 1.38%), Sapphire Foods India (down 2.57%) and Sonata Software (up 2.08%) will declare their result later today.
Buzzing Index:
The Nifty Media index dropped 1.45% to 1,486.10. The index fell 2.93% in the two consecutive trading sessions.
Sun TV Network (down 3.39%), Dish TV India (down 1.79%), PVR Inox (down 1.73%), D B Corp (down 1.73%), Hathway Cable & Datacom (down 1.64%), Tips Music (down 1.45%), Saregama India (down 0.95%), Network 18 Media & Investments (down 0.92%) and Zee Entertainment Enterprises (down 0.43%) declined.
Stocks in Spotlight:
BSE jumped 6.07% after the companys consolidated net profit surged to Rs 494.42 crore in Q4 FY25 as compared with Rs 107.04 crore in Q4 FY24. Net sales increased 74.9% YoY to Rs 846.64 crore during the quarter ended 31st March 2025.
Mahanagar Gas added 0.71%. The company reported a 5.2% decline in consolidated net profit to Rs 247.04 crore in Q4 FY25 as compared with Rs 260.58 crore in Q4 FY24. Net sales stood at Rs 1964.38 crore during the quarter, up 21.8% YoY.
Gujarat Mineral Development Corporation (GMDC) rose 0.22%. The company announced that it has signed long term agreement (LSA) with City Gold Pipes for the supply of 150 million tones of limestone over a period of 40 years.