Nifty Media shoots up 6.5% despite weak markets; ZEEL hits 20% upper circuit

24 Mar 2022 , 01:15 PM

Nifty Media stocks surged over 6.5% despite weak markets on Thursday. Zee Entertainment Enterprises Limited skyrocketed 18% to lift the sectorial performance. TV18 Broadcast, Dish TV and Network18 Media & Investments Ltd. were also in the fast lane. Nazara Tech and Inox Leisure were under pressure.

Domestic stocks were bearish in Thursday’s trade as a surge in global crude oil prices and prospects of the US Fed raising interest rate by 50 basis points in May policy meet added to the already fragile investor sentiment that is dented by the ongoing Russia-Ukraine war.

Ata round 1.15 pm, BSE Sensex was trading at 57,392.30 down 292.52 points or 0.51% and Nifty50 at 17,164.30 down 81.35 points or 0.47%. Nifty Media was trading at 2,333.60 up 141.35 points or 6.45%, hitting a high of 2,343.00 and low of 2,248.35 during intraday trade on Thursday.

ZEEL gained over 18% at Rs302.50 per piece amid reports that Invesco Developing Markets Fund backed Zee-Sony merger and withdrew EGM request. The stock it 20% upper circuit of Rs307.25 per piece on Thursday. 

TV19 Broadcast surged 7.4% while its parent company Netwowk18 also rose 5% to push further the gains of the Index. Dish TV was also nearly 7% higher. 

Nazara Tech shed around 3% to drag the most while Inox Leisure was also 1% down. The Index had 8 advances and 2 declines.