The frontline indices traded near the flat line in early afternoon trade. The Nifty traded a tad above the 18,600 level. Media stocks extended gains for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 9.4 points or 0.01% to 62,836.98. The Nifty 50 index added 9.25 points or 0.05% to 18,607.90.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index advanced 0.25%.

The market breadth was almost even. On the BSE, 1,670 shares rose and 1,657 shares fell. A total of 153 shares were unchanged.

Despite lower chances of a U.S. default, investors remained on edge as the possibility of a recession in the world's largest economy this year, coupled with rising tensions with China, could greatly limit capital flows into regional markets.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.54% to 12.23. The Nifty 29 June 2023 futures were trading at 18,687, at a premium of 79.1points as compared with the spot at 18,607.90.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 78.50 lakh contracts at the 19,000 strike price. Maximum Put OI of 42.6 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Media index rose 0.93% to 1,754.65, extending gains for the third straight session. The index rallied 3.7% in three trading sessions.

New Delhi Television (up 4.99%), Zee Entertainment Enterprises (up 1.4%), PVR Inox (up 1.17%), Network 18 Media & Investments (up 0.33%), Sun TV Network (up 0.32%), Nazara Technologies (up 0.14%) edged higher.

On the other hand, Navneet Education (down 1.6%), Hathway Cable & Datacom (down 0.72%) and Dish TV India (down 0.36%) declined.

Stocks in Spotlight:

Eureka Forbes surged 9.99% after the company reported 98% jump in net profit to Rs 16.28 crore in Q4 FY23 from Rs 4.82 crore posted in Q4 FY22. Revenue from operations stood at Rs 508.1 crore in the quarter ended 31 March 2023, registering a decline of 8% on YoY basis, owing to weak market conditions.

Hikal climbed 9.15% after the company's consolidated net profit soared 74% to Rs 36 crore on 7.4% increase in net sales to Rs 537.90 crore in Q4 March 2023 over Q4 March 2022.

ISGEC Heavy Engineering jumped 11.51% after the company's consolidated net profit jumped 128.83% to Rs 86.13 crore in Q4 FY23 as compared with Rs 37.64 crore in Q4 FY22. Revenue from operations increased 27.98% year on year to Rs 2,042.74 crore in quarter ended 31 March 2023.

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