Nifty Surpasses 23,800 Amid Media Stock Surge and Fuel Price Hikes
Nifty above 23,800 level; media shares in demand
Business Standard
Image: Business Standard
The Nifty 50 index rose 137.80 points to 23,827.55, buoyed by positive trends from Wall Street and media stocks. However, a weak rupee and increased fuel prices, including petrol rising to ₹97.77 per liter in Delhi, tempered gains. The market breadth remained negative with more shares declining than advancing.
- 01Nifty 50 index increased by 137.80 points to reach 23,827.55.
- 02Media stocks saw significant gains, with the Nifty Media index up 2.54%.
- 03Petrol prices rose by ₹3 to ₹97.77 per liter in Delhi due to global crude fluctuations.
- 04The rupee weakened against the dollar, trading at 95.9375.
- 05Market breadth was negative with 1,944 shares rising and 1,599 falling.
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In morning trade, the Nifty 50 index rose by 137.80 points, reaching 23,827.55, supported by a strong performance on Wall Street and increased demand for media shares. The Nifty Media index surged 2.54%, with notable gains from companies like Nazara Technologies and Saregama India. However, this upward momentum was constrained by a weaker rupee, which traded at 95.9375 against the dollar, and rising fuel prices. Petrol prices increased by ₹3 to ₹97.77 per liter in Delhi, while diesel prices also saw hikes across major cities. The overall market breadth was negative, with 1,944 shares advancing against 1,599 declines. Additionally, Brent crude oil prices rose to $106.98 per barrel, contributing to inflationary pressures in the fuel sector.
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The increase in fuel prices will likely lead to higher transportation costs, affecting daily commuters and consumers across India.
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