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&T, Wipro, TCS, and Asian Paints were the top gainers on the NSE. Conversely, Adani Ports, Bajaj Auto, Power Grid, ICICI 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%.
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&T, Wipro, TCS, and Asian Paints were the top gainers on the NSE. Conversely, Adani Ports, Bajaj Auto, Power Grid, ICICI 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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