Amid positive momentum all across Asian, Indian indices, particularly Nifty has notched fresh high of 17,438.55 in trade on September 14. Likewise, Sensex is also close to hit fresh high and meanwhile has hit day high of 58,482.62. Bank Nifty is also trading higher, while the broader markets are outperforming with gains of 1%.
Sectorally, Nifty Media has outrun and gained a whopping 8% and hit a high of 1883. Among the individual 10 constituents of the pack, the run in the sector has been triggered by Zee Entertainment which was last seen gaining by over 21%. This was after the big investors demanded removal of the MD.
There remains a view "appointment of a new CEO will pave the way for transition towards short video, investments into large-scale web series, innovation in content offerings, especially on digital, which will help ZEE5 compete with global OTT giants and other large players like Disney+Hotstar and MX player, among others".
Other stocks of the pack which gained handsomely in trade today have been Dish TV, TV18 Broadcast and Jagran Prakashan which gained between 4%-10%, while still others including Network 18, SUN TV, TV Today and DB Corp gained between 0.36-3.35%.