Nifty Media outperforms as Zee Entertainment extends gains; Adani Ports tanks 10%

Nifty Media outperforms as Zee Entertainment extends gains; Adani Ports tanks 10%

The bears have taken complete control of Dalal Street with the Nifty and Sensex down over 1 percent each. The Nifty50 was trading lower by 136 points, trading at 10644 while the Sensex plunged 442 points and was trading at 35583 mark.

Nifty Pharma was the biggest loser to the market fall, down over 2.5 percent dragged by Cadila Healthcare and Piramal Enterprises which fell 5 percent each followed by Cipla, Aurobindo Pharma, Sun Pharma, Dr Reddy’s Labs and Glenmark Pharma.

Nifty Media outperforms as Zee Entertainment extends gains; Adani Ports tanks 10%

Banking stocks were also down with loses from ICICI Bank which fell 5 percent followed by YES Bank, Axis Bank, Canara Bank, Indian Bank, Oriental Bank of Commerce and Bank of India.

From the oil & gas space, the top losers were BPCL, GAIL India and Reliance Industries.

Selective auto stocks were trading in the red led by TVS Motor, Bajaj Auto, Exide Industries, Mahindra & Mahindra, Tata Motors DVR and Bosch.

From the midcap space, the top losers were Adani Power which tanked 14 percent followed by DHFL, Avanti Feeds, Edelweiss Financial Services, Graphite India, HEG, JSPL, Max Financial and Sterlite Technologies.

However, Nifty Media zoomed over 6 percent led by Zee Entertainment which zoomed 14 percent as brokerages remained positive on the stock, and after the Essel Group inked deal with lenders.

The top gainers from NSE included Zee Entertainment, Bharti Infratel, Larsen & Toubro, Tata Consultancy Services and Coal India while the top losers included Adani Ports which fell 9 percent followed by Bajaj Finance, Indiabulls Housing Finance, ICICI Bank and YES Bank.

The most active stocks were Zee Entertainment, Maruti Suzuki, L&T, YES Bank and ICICI Bank.

Odisha Cement and Wipro have hit new 52-week high in this afternoon session.

336 stocks have hit new 52-week low on the NSE including names like Aban Offshore, ABG Shipyard, Adani Ports, Andhra Cements, Arvind, Ashok Leyland, Balkrishna Industries, Bharat Forge, Cipla, Coal India, Dena Bank, Dish TV, Grasim Industries, Gruh Finance, HCL Infosystems, Hero MotoCorp, Vodafone Idea, IL&FS Transportation Networks, India Cements, Jindal Steel & Power, JSW Steel, Mahindra & Mahindra, Maruti Suzuki, Reliance Capital, SAIL, Snowman Logistics, Tata Steel, TVS Motor Company, Unitech and Welspun Corp among others.

The breadth of the market favoured the declines with 271 stocks advancing and 1462 declining while 344 remained unchanged. On the BSE, 481 stocks advanced, 1984 declined and 141 remained unchanged.

source: moneycontrol