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Nifty below 10,800-mark; Zee Entertainment surges 12%

Shares of Zee Entertainment, which plunged ~30% on Friday, stemmed the fall in Nifty by gaining 12%.
Equity benchmark indices started the week on a mixed note with Sensex trading 24 points up at 36,049 levels. However, the Nifty declined 6 points at 10,774 levels, well below its key level of 10,800.

Shares of Zee Entertainment, which plunged ~30% on Friday, stemmed the fall in Nifty by gaining 12%. The company’s share witnessed recovery after its promoter in a press note informed that the management has reached an understanding with lenders having a pledge on Zee Group promoters’ stake that a steep decline in the shares of group companies will not lead to a default.

Further, among stocks, L&TWiproTCS, and Asian Paints were the top gainers on the NSE. Conversely, Adani PortsBajaj AutoPower GridICICI Bank, and UltraTech Cement lost the most.

All sectoral indices were trading on a mixed note. The Nifty media index was leading the gainers’ group, surging 5%; however, Nifty Pharma slumped 1%.

Notably, the market breadth was negative on the NSE with 1,041 shares declining, 471 shares advancing, and 532 remaining unchanged.
Incidentally, India VIX, a measure of the market’s expectation of volatility over the near term rose 4%.

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