Nifty Media, PSU Bank under pressure; ZEE, Union Bank stocks drag

Shares of Union Bank slipped 9%, followed by Oriental Bank, Bank of India which fell 3% and 2%, respectively.

May 15, 2019 07:05 IST India Infoline News Service

The Nifty Media index declined over 2% amid heavy selling pressure in Zee Entertainment, Zee Media, Dish TV, and TV18 Broadcast.

However, Eros Media, Hathway, INOX Leisure, and Network18 remained in the positive zone. Sun TV, Jagran, and Navneet Education were up on the Nifty media index.

Shares of Zee Media Corporation slipped 6.5% after the company reported a 73.1% decline in PAT for FY19 at Rs13.17cr, compared to Rs49cr in the last fiscal.

From the banking space, the index fell 1% at 2,929.75 levels. Union Bank shares slipped 9%, followed by Oriental Bank and Bank of India, which fell 3% and 2%, respectively.

Shares of Union Bank tumbled 9% after the bank registered a net loss of Rs2,583.38cr in the same quarter of the preceding fiscal. However, the bank posted a net profit of Rs153.21cr in the third quarter of 2018-19. The brokerage firm, Credit Suisse maintained its neutral rating on Union Bank of India post-March quarter results but slashed its target price to Rs75 from Rs78 earlier.

Meanhile, equity benchmark indices staged a strong comeback in Wednesday's late morning trade, with the Nifty trading above 11,280 levels. The Sensex gained 230 points to 37,549, while the Nifty was up 59 points to 11,281.

The market breadth was positive with 995 shares advancing, 651 shares declining, and 453 remaining unchanged.

Volatility index India VIX rose 2.17% at 27.72.

The most active stocks are Yes Bank, Reliance Industries, Zee, and SBI.

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