Quick Wrap: Nifty Media Index gains 2.34% – Business Standard

The Nifty Media Index ended 2.34% higher at 2,237.20, driven by strong performances from Zee Entertainment Enterprises, Sun TV Network and Network18. The index gained over 1.35% in early morning trades and went on to hit an intra-day high of 2,238.25, up 2.39%. The gains were attributed to the strong Q2 results from Zee Entertainment Enterprises and a rise in share prices of Zee5, an over-the-top (OTT) video streaming platform launched by the company. In addition to these, investors are hoping that with festive season ahead, advertisement revenue will surge for media companies, further driving share prices.

Zee Entertainment Enterprises shares rallied 6.90% to end at ₹363.95, after the company reported its Q2FY24 results earlier in the day. Sun TV Network ended 4.66% higher at ₹831.05, after the company reported its quarterly earnings on Monday. Network18 ended 2.52% higher at ₹52.75.

The broader market remained mixed on Monday, with the Sensex gaining 173.15 points, or 0.28%, to close at 61,773.83, and the Nifty 50 gaining 54.70 points, or 0.31%, to close at 18,380.75.

Overall, the market sentiment is positive and the media sector seems to be particularly strong. With the festive season approaching, analysts are optimistic about the outlook for media companies.