Nifty Media stocks surge 2%; Sun TV, PVR, ZEEL, Inox lift performance

Dish TV dragged at Rs14.15 per piece, down 1.4% while Netwrok18 also traded in the red.

Jul 30, 2021 01:07 IST India Infoline News Service

Nifty Media stocks rose for the second day in a row. The Index surged over 2% amid positive doemstic markets as restrictions were further eased in many states from today. Sun TV surged 5% and Zee Entertainment gained to lift the performance.

Multiplex owners chains PVR and INOX Leisure also advanced as they re-open theatres in locations where permissions have been granted from today in a staggered manner, in line with safety protocols and a strong focus on vaccination of the staff. Dish TV was under pressure.

Asian stocks were trading mostly lower on Friday amid escalating coronavirus concerns. The domestic indices however rose however on bullish Auto, IT, Pharma and Media stocks.

At around 1.15 pm, BSE Sensex was trading at 52,731.82 up 78.75 points or 0.15% and Nifty 50 at 15,810.40 up 31.95 points or 0.2%.

Nifty Media was trading at 1,795.05 up 33.35 points or 1.89%,  touching a high of 1,806.85 and low of 1,756.90 during intraday trade on Friday.

Sun TV Network gained 5.08% at Rs572.85 per piece to emerge the top gainer in the sector.

PVR advanced 2.3% at Rs1,392.95 per piece. Cinema multiplex chain PVR posted net loss of Rs219.44cr in Q1FY22 due to the COVID-19 pandemic forced closures. They await the reopening of theatres in Mumbai and Maharashtra also. 

ZEEL was also 2% higher at Rs203.05 per piece. Jagran Prakashan and TV Today also gained 1.58% and 1.13% respectively. INOX also rose nearly 1% at Rs325.60 per piece. DB Corp was 0.9% higher while TV18 Broadcast rose 0.4%. 

Dish TV dragged at Rs14.15 per piece, down 1.4% while Netwrok18 also traded in the red as out of ten stocks the Index had 8 advances and 2 declines. 

Related Story

Open Free Demat Account (Rs699)