Nifty Media Index trades higher amid weak markets; TV18 and Network18 hit new highs

27 Jan 2022 , 11:55 AM

Nifty Media was trading higher amid weak markets on Thursday with TV18 Broadcast and Network18 lifted the performance of the sector amid the gloom.  Hathway Cable and Datacom were also in the fast lane. The rest of the stocks were trading in the red.  Nazara Tech and Saregama also shed around 5% each. Zee Entertainment Enterprises Limited and Inox Leisure were also around 2% on the downside.

Equity market slipped 2% in the late morning deals on Thursday triggered by weakness in the broader Asian market as the US Federal Reserve’s signal to steadily tighten policy soured global investor sentiment.

At around 11.55 AM, BSE Sensex was trading at 56,676.46 down 1181.69 points or 2.04% and Nifty50 at 16,932.65 down 345.30 points or 2%. Nifty media was trading at 2,177.60 up 4.85 points or 0.22%, touching a high of 2,195.90 and low of 2,150.70 during intraday trade on Thursday. 

TV18 Broadcast was trading at 52-week fresh of Rs58.50 per share and 10% uppercircuit. Its parent company Network18 also hit 52-week fresh high and 5% uppercircuit at Rs81.90 per piece.

Hathway also surged 5.65% at Rs22.45 per piece to lift the sectorial performance. 

Nazara Tech dragged 5% at Rs2,153.85 per piece while Saregama was also nearly 5% on the downside. Saregama has recently fully acquired over 1500+ songs belonging to 280 Telugu films released over the last two decades including songs from super-hits like RX100 and Ninnu Kori from Mango Music.

ZEEL also was 2.35% lower while Inox Leisure also shed enarly 2%. The Index had 3 advances and 7 declines on Thursday.