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Equity indices were trading near the day s low with heavy losses in mid-afternoon trade. The Nifty was trading below 14,350 level. Investors sentiment was dented as COVID-19 cases continued to surge in the country.
At 14:26 IST, the barometer index, the S&P BSE Sensex, slumped 1,677 points or 3.38% at 47,913.76. The Nifty 50 index tanked 507.85 points or 3.42% at 14,327.65.
The broader market tanked. The S&P BSE Mid-Cap index lost 4.83% while the S&P BSE Small-Cap index tumbled 4.27%.
Sellers outnumbered buyers. On the BSE, 456 shares rose and 2,249 shares fell. A total of 169 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 13,60,56,956 with 29,36,768 deaths.
The pick up in spends led by fast moving consumer goods companies, expectations of revival in regional advertising, near term gains from IPL and regional elections are positive for the Sun TV Network stock. The near term trigger would be a 10-15 per cent y-o-y growth in advertising revenues for the sector in the March quarter which should help the company. Sun TV had reported a 10 per cent decline in ad revenues in the December quarter due to slower recovery in retail, lower number of movies and muted market share in the Tamil Nadu market. The gains in the March quarter, according to analysts at Nomura, would be led by strong spends by the FMCG segment, e-commerce and banking. The upcoming Indian Premier League season this month is also likely to further benefit the advertising industry’s recovery going ahead, they add. Election related spends pegged at Rs 15-40 crore in Tamil Nadu and Kerala too could help boost advertising revenue growth for Sun TV which has the highest shar