NIFTY MARCHES TOWARDS 24,900 LEVEL; MEDIA SHARES RALLY

The key equity indices traded with modest gains in morning trade. The Nifty traded above the 24,850 mark. Media shares advanced after declining in the past three consecutive trading sessions.

At 10:28 IST, the barometer index, the S&P BSE Sensex rose 265.42 points or 0.33% to 81,315.45. The Nifty 50 index added 87.75 points or 0.35% to 24,883.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.90% and the S&P BSE Small-Cap index gained 0.90%.

The market breadth was positive. On the BSE, 2,271 shares rose and 1,326 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty Media index gained 1.88% to 2,032.90. The index tumbled 8.16% in past three consecutive trading sessions.

Saregama India (up 4.49%), Tips Music (up 3.24%), Nazara Technologies (up 2.56%), PVR Inox (up 1.97%), Hathway Cable & Datacom (up 1.62%), Zee Entertainment Enterprises (up 1.33%), Dish TV India (up 1.08%), TV18 Broadcast (up 0.62%), Sun TV Network (up 0.58%) and Network 18 Media & Investments (up 0.39%) advanced.

Stocks in Spotlight:

Bharat Electronics advanced 1.65% after the company said that it has bagged orders worth more than Rs 500 crore in the last month.

Lemon Tree Hotels rose 0.44%. The company announced that it has signed a license agreement viz Lemon Tree Hotel in Udaipur, Rajasthan.

Nuvoco Vistas Corporation added 0.88%. The company said that it has been declared the preferred bidder for three significant limestone blocks located at Nimbol, Tehsil Jaitaran, District Beawar, Rajasthan.

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