Sensex, Nifty at the high point of the day; media shares in demand

The domestic equity benchmarks extended gains and hit fresh intraday high in morning trade. The Nifty traded above the 17,900 mark. Media shares witnessed some bit of bargain buying after declining in the past three sessions. Investors awaited the release of the the US FOMC minutes of meeting scheduled later today.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 275.83 points or 0.46% to 60,118.04. The Nifty 50 index added 79.45 points or 0.45% to 17,904.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.61%.

The market breadth was strong. On the BSE, 2029 shares rose and 1049 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 1.81% to 2,074.10. The index had declined 3.14% in the past three sessions.

Network 18 Media & Investments (up 3.41%), Zee Entertainment Enterprises (up 3.34%), Saregama India (up 2.83%), TV18 Broadcast (up 2.05%) and Nazara Technologies (up 0.64%) were the top gainers.

On the other hand, Inox Leisure (down 0.83%), PVR (down 0.5%) and Sun TV Network (down 0.4%) moved lower.

Stocks in Spotlight:

Aarti Drugs jumped 11.10%. The media reported that the Directorate General of Trade Remedies (DGTR) has recommended continuation of anti-dumping duty on Ofloxacin imported from China. The company had earlier filed an application for anti-dumping duty on Ofloxacin and its intermediates imported from China.

Nxt Digital (NDL) gained 3.59%. The company`s board approved proposed scheme of arrangement for merger of Hinduja Leyland Finance (HLFL) with the company.

HLFL is one of India`s leading finance NBFCs with an AUM of over Rs 29,000 crore and a pan-India presence in 1,550 locations across 23 states and 2 union territories. HLFL is a subsidiary of Ashok Leyland.

The company said in a statement, �The move is in line with NDL`s vision of pursuing high-growth opportunities; post the decision to transfer the digital, media and communications business undertaking of NDL to Hinduja Global Solutions.�

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