Nifty media index surges 1.5%; Network18, TV18 Broadcast, TV Today lift performance

The Nifty Media stocks were bullish amid volatile trade on Friday. The Index driven by sharp gains from Network18, TV18 Broadcast, and TV Today, surged around 1.5%. PVR was the only stock out of total of 10 stocks in the sector, trading in the red.

The Indian equity benchmark indices traded at record high levels in the early trade today with the Sensex rising above 58,115 and Nifty around 17,310 for the first time. However, Sensex, Nifty turn flat as the market moves away from record highs.

At around 12.05 PM, BSE Sensex was trading at 57,898.64 up 46.1 points or 0.08% and Nifty50 at 17,258.45 up 24.30 points or 0.14%.

The Nifty Media was trading at 1,639.40 up 23.50 points or 1.45% after touching a high of 1,658.00 and low of 1,621.20 during intraday trade.

Network18 surged 5.4% at Rs51.95 per piece to lead the gains. TV18 Broadcast was also nearly 2.7% higher at Rs36.50 per piece. TV Today also rose 2.65% at Rs297.00 per piece.

Jagran also rose 2.33% at Rs59.20 per piece. Dish TV and ZEEL gained over 1.5% to lift the performance. Sun TV and DB Corp also were in the fast lane. Inoc Leisure also traded higher.

PVR was the only stock under little bit of pressure despite the opening of 3 new screen multiplex in Jamnagar at ‘JCR- The Entertainment World’, Gujarat. IIFL Securities