Media stocks recover marginally with stock markets bouncing back
Recovering from Monday's fall, ZEEL saw its stocks close positively with 2.09% rise, Sun TV Network stocks saw a rise of 8.49%
The stock markets on Tuesday recovered after the largest single-day fall in six and half years on Monday. The markets on Tuesday close on a positive note with the BSE Sensex rising by 1.13% to end 290.82 points higher, while the NSE Nifty rose by 71.7 points to close at 7880.7. The rupee also rose by 0.8% from Rs.66.1 per dollar to Rs.66.65 per dollar.
Among the media stocks a majority of stock closed on the positive side. While there were a few that saw declines in their stock they were marginal in nature. ZEEL saw its stocks close positively with 2.09% rise or 7.50 point rise to Rs.367.15. Network18 was still in the red as it closed 4.56% lower with a loss of 2.30 points and stood at Rs.48.10. TV18 too fell by 3.84%, a loss of 1.20 points and stood at Rs.30.05. Sun TV Network stocks however saw a large rise of 8.49%, a gain of 25.35 points to stand at Rs.323.85. ZMCL saw a gain in its stocks of 0.55%, a rise of 0.10 points and stood at Rs.18.15. TV Today Network rose by 3.36%, or by 6.45 points and stood at Rs.198.60. NDTV too saw a gain of 0.11% or 0.10 points to stand at Rs.88.60. HT Media however saw its stocks fall marginally by 0.12% or 0.10 points to stand at Rs.83.75. D B Corp saw a larger decline of 2.51% or 7.85 points to stand at Rs.305. Jagran Prakashan’s stocks grew by 1.88% or 2.45 points and stood at Rs.132.80. ENIL (TOI) saw its stocks in the red as it dropped marginally by 0.88% or 5.45 points to stand at Rs.614.35.
This recovery can be attributed to the domestic demand in the market rising and foreign investor selling momentum slowing. While foreign investors had sold stocks nearly worth Rs.9,000 crore during the last three trading sessions, domestic institutions brought shares worth Rs.4,000 crore. This prevented a further slide in the market. There was further demand by domestic investors that took advantage of the drop in the stock prices.
Investor sentiments were also given a boost in the Indian market as the government said that it would make another attempt to pass the GST bill in the parliament. The Finance Minister Arun Jaitley also met with Prime Minister Narendra Modi to discuss steps to be taken. Jaitley said that he wanted more steps to be taken to strengthen the Indian economy.
However, the Indian markets still remain volatile with the Chinese markets still trading with losses of 4% on Tuesday. A further fall in the Chinese market could still trigger the sell-off in the market.
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