The frontline indices further pared losses to trade near the flar line in early afternoon trade. The Nifty climbed above the 21,950 mark. Media shares declined after advancing in the past two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 54.93 points or 0.08% to 72,424.80. The Nifty 50 index lost 24.25 points or 0.11% to 21,971.60.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index dropped 0.80% while the S&P BSE Small-Cap index fell 0.31%.

The market breadth was weak. On the BSE, 1,411 shares rose and 2,231 shares fell. A total of 131 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.80% to 13.80. The Nifty 25 April 2024 futures were trading at 21,963.00, at a discount of 8.6 points as compared with the spot at 21,971.60.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 101.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 72 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index slipped 1.12% to 1,868.35. The index has rallied 2.35% in the past two trading sessions.

Network 18 Media & Investments (down 3.41%), Nazara Technologies (down 2.84%), Dish TV India (down 1.98%), TV18 Broadcast (down 1.91%), Sun TV Network (down 1.44%), Zee Entertainment Enterprises (down 1.1%), PVR Inox (down 0.49%), Saregama India (down 0.12%) declined.

On the other hand, Tips Industries (up 0.7%), Hathway Cable & Datacom (up 0.68%) edged higher.

Network18 Media & Investments slipped 3.41% after the company’s consolidated net loss widened to Rs 95.95 crore in Q4 FY24 as against a Rs 36.78 crore recorded in Q4 FY23. Revenue from operations climbed 63.06% year on year to Rs 2,419.28 crore in the quarter ended 31 March 2024.

Stocks in Spotlight:

Indo Count Industries rose 0.30%. The company said that its American subsidiary has acquired the global brand 'Wamsutta’ (including trademarks rights associated with the brand) from Beyond Inc.

ICICI Securities rose 0.41%. The broking firm’s consolidated net profit zoomed 104.3% to Rs 536.53 crore in Q4 FY24 as against Rs 262.68 crore recorded in Q4 FY23. Total income was at Rs 1,544.44 crore in the quarter ended 31 March 2024, registering a growth of 74.5% year on year (YoY).