Share Market Highlights: Sensex, Nifty close lower; Zee Entertainment’s accounting irregularities plunge media stocks

Sensex, Nifty updates on 21 February 2024 : Indian benchmark indices, Sensex and Nifty, closed lower on Wednesday, ending a six-session winning streak. This decline was driven by IT stocks amid fading hopes of early U.S. interest rate cuts and weakness in energy stocks. The Nifty 50 dropped by 0.64% to 22,055.05, while the Sensex fell by 0.59% to 72,623.09. Nine of the 13 major sectors witnessed declines, with 37 Nifty 50 stocks recording losses. IT stocks extended their fall for the third consecutive session, shedding 1.64% in response to a recent U.S. inflation reading. Energy stocks, after a 50% gain over the last 16 weeks, fell by 1.68%. The small- and mid-cap segments, more domestically focused, underperformed the benchmarks, slipping by 1.04% and 1.25%, respectively. Sectors like energy and small- and mid-caps, which had seen sharp rises recently, witnessed profit booking. Media stocks plunged by 4.91%, with Zee Entertainment leading the losses after reports of accounting irregularities surfaced, following the broadcaster’s denial of attempting to salvage its failed merger deal with Sony India. Investors are now awaiting the minutes of the U.S. Federal Reserve’s latest monetary policy meeting for insights into its rate outlook, with the Reserve Bank of India set to release the minutes from its last policy meeting on Thursday