Heavyweight stocks like Zee Entertainment and PVR experienced huge profit bookings, putting pressure on the Nifty Media index. During earnings season, the index is a hot topic. The troubles were exacerbated by the fluctuating market tone.
The NIFTY Media Index was created to reflect the behavior and performance of India's media and entertainment sector, which includes printing and publishing.
The Nifty Media was down 27.55 points, or 1.18 percent, at 2,308.05. During intraday trading, the index reached a top of 2,344.70 and a low of 2,299.35. Except for Nazara Tech, Nifty Media was a massacre, with all scrips on the decline.
On the other hand, Zee Entertainment is down over 3% after the business canceled its Q2FY22 board meeting on October 27 due to a lack of quorum.
The sector's biggest laggards, Saregama India and Network 18, both lost more than 2%. In Q2, Network 18's consolidated revenue increased by 31% year on year to Rs1,387 crore, with EBITDA increasing by 52.4 percent.
Dish TV and TV 18 Broadcast both fell more than 1%, while Sun TV down 0.77 percent to Rs563.85 on the index.
Heavyweights Inox Leisure, PVR, and Hathway continued to lose ground, making the sector the worst performer. Stocks in Inox Leisure are under pressure as the company's net loss for the second quarter increased to Rs88 crore.