Nifty above 9,300 mark; Zee Entertainment extends rally

Shares of Balaji Telefilms surged over 6.5%, followed by Zee Entertainment, that climbed 8%, TV18, Dish TV, Network18 and Zee Media among other top gainers.

Apr 23, 2020 11:04 IST India Infoline News Service

The Nifty Media index extended its yesterday rally in the late morning trade on Thursday. Shares of Balaji Telefilms surged over 6.5%, followed by Zee Entertainment, which climbed 8%, TV18, Dish TV, Network18 and Zee Media are among other top gainers.

On the flip side, DB Corp, Jump Network, Saregama and PVR among top losers on the Media index.

Shares of Zee Entertainment Enterprises surged 8% after foreign portfolio investors (FPIs) bought less than 1% stake in the broadcasting & cable TV operators via open market on Wednesday. Florida Retirement System (FRS) acquired 5.11mn equity shares, representing 0.53% of the total paid-up equity of the ZEE, on the NSE via bulk deals, the exchange data shows.

Meanwhile, equity market was up with healthy gains on hopes of a government stimulus, while positive global cues underpinned the sentiment.

The BSE Sensex was 376 points up at 31,737, while Nifty was also up 113 at 9,300. BSE Midcap and Smallcap indices were outperforming the benchmarks as they were 2.20% each.

The focus will be on the EU meeting today to discuss stimulus measures to fight Coronavirus. If an agreement is reached in the same it would give the Euro some boost. Bond yields of countries like Italy which have been worst affected by the Virus are trading at one month highs ahead of the meeting.

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