Nifty below 25,450; media shares decline

The key equity benchmarks traded with minor cuts in the morning trade. The Nifty traded below the 25,450 mark. Media shares declined after advancing in the previous two trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 74.17 points or 0.09% to 83,358.72. The Nifty 50 index lost 22.45 points or 0.09% to 25,438.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index shed 0.14%.

The market breadth was negative. On the BSE, 1,803 shares rose and 1,816 shares fell. A total of 225 shares were unchanged.

Economy:

India's foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.

Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.

India's reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.

Buzzing Index:

The Nifty Media index fell 1.23% to 1,740.05. The index rose 0.83% in the past two trading sessions.

Nazara Technologies (down 2.51%), Zee Entertainment Enterprises (down 1.84%), PVR Inox (down 1.39%), Sun TV Network (down 1.27%) and Saregama India (down 0.83%), D B Corp (down 0.34%) declined.

On the other hand, Dish TV India (up 4.31%), Tips Music (up 0.56%) and Hathway Cable & Datacom (up 0.19%) edged higher.

Stocks in Spotlight:

Power and Instrumentation (Gujarat) added 2.14% after the firm said that it has received a work order from Nyati Engineering & Construction valued at Rs 2.59 crore.

Puravankara rallied 3.39% after the company has selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.

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