MUMBAI: The bears finally gained back control of the Indian markets today after the sharp market correction one saw in the last few days. With the P-Note troubles easing out and a strong rally in the world markets helped the BSE open 400 points above yesterday’s close.
The markets then slowly but steadily gained ground over the day to end the day at 18492.84 points, up by a whopping 878.85 points.
The Sensex rally helped majority of the media and entertainment stocks. The rally was led by ADAG’s Adlabs, which started the day at Rs 660 and ended the day at Rs 706 (up 8.80 per cent). Prime Focus was up 10 per cent with its stock price closing at Rs 1,016. Tips Industries, which recently went down along with the market, bounced back with an impressive 9.78 per cent to end the day at Rs 60.60.
Amongst the other entertainment and media stocks, GV Films was at Rs 6.58 up 7.17 per cent, Entertainment Network India Ltd (ENIL) was at Rs 465.60 up 6.95 per cent, Zee Entertainment was at Rs 338.75 up 6.12 per cent, NDTV was at Rs 353.70 up 5.24 per cent, BAG Films was at Rs 82.50 up 4.96 per cent and K Sera Sera at Rs. 27.05 up 4.84 per cent.
Filmed entertainment companies like Mukta Arts, UTV Software Communications and Pritish Nandy Communication showed marginal upward movement. Mukta Arts was at Rs 100 (up 3.84 per cent), UTV Software was at Rs 648 (up 3.60 per cent), and Pritish Nandy Communication was at Rs 69 (up 1.25 per cent). On the other hand, Balaji Telefilms did not show any action today as it ended the day marginally up by 0.99 per cent at Rs 280.10.
In the multiplex segment, while Pyramid Saimira up by 6.09 per cent at Rs 285.00; Shringar Cinema that posted a net profit of Rs 400 million, ended the day at its high of Rs 59.85 (up 5.46 per cent). Inox Leisure was at Rs 114.85 up 2 per cent, Cinemax India at Rs 123.65 up 1.27 per cent, whereas PVR was at Rs I77.60 up 0.42 per cent.
While the Indian markets have shown strength today, it will be a wait and watch situation with a few announcements coming this week.