Nifty Media trades higher amid weak markets; Inox Leisure, PVR lift performance to hit fresh 52-week highs

28 Mar 2022 , 12:13 PM

Nifty Media surged despite bearish markets on Monday. The Index gained 2% in early trade on merger announcement between INOX Leisure and PVR Limited. Both INOX and PVR hit fresh 52-week high on Monday. The Index however, trimmed gains by almost 1% late in morning trade. Network 18 Media & Investments Limited was also trading in the fast lane.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading more than half a per cent down on Monday. BSE Sensex was hovering around 57000, while NSE Nifty 50 was below 17100. At around 12 noon, BSE Sensex was trading at 56,931.22 down 430.98 points or 0.75% and Nifty 50 at 17,029.30 down 123.70 points or 0.72%. Nifty Media was trading at 2,347.05 up 24.30 points or 1.05%, touching a high of 2,409.15 and low of 2,344.50 during intraday trade on Monday.

INOX and PVR stocks are in focus today as the multiplex players announced mega merger deal to create largest multiplex chain in India. INOX Leisure and PVR hit 52-week highs of Rs563.60 per piece and Rs2010.35 per piece during early trade today after the news announcement. Inox was trading nearly 12% higher at Rs530.30 per piece and PVR rose 4.6% at Rs1,905.70 per piece. 

Network18 gained 3.1% at Rs88.25 per piece. TV18 Broadcat was also marginally higher while SUN TV traded flat. 

Nazara tech dragged the most by trading 3.16% lower while Dish TV shed 2.5%. ZEEL also underperformed by trading 2% lower and Saregama was down enarly 1.4%.

Meanwhile, Asian stock markets traded almost on a mixed note on Monday amid reports  China began locking down most of its largest city of Shanghai on Monday amid COVID-19 and this is in response to the biggest outbreak in two years with 56,000 infections nationwide this month and just 47 in Shanghai on Saturday.

Besides US macroeconomic data, Russia-Ukraine war developments remain under investors focus. Further, rising fuel prices across country, inflationary pressure remains a major concern for investors who will track stock-specific developments for market direction.