Markets plunge nearly 3%, media stocks hammered

The post-budget blues of India's stock exchanges continued today with Mumbai Stock exchange's Sensex breaching the 3800-mark as banks entered the fray to sell the shares given to them as collaterals against loans. The last hour saw panic selling in tech and media counters that took the Sensex to a four-month low of 3762.

This is the third major fall since last Monday. Last Thursday also saw a plunge on fears of a payments crisis in the Calcutta and Ahmedabad stock exchanges.

Media stocks were hammered drastically till the end of the day wherein Hinduja TMT (down 14%), SaReGaMa (down 11%), Sri Adhikari, Jain Studios (both down 13%), GV Films, Cinevista, ETC Networks, Padmalaya Tele, Balaji Tele, Pritish Nandy Communication, Creative Eye hit the 8% lower circuit. There was heavy selling pressure in TV 18 counters and the scrip finally closed at Rs140, down Rs5 (earlier up 10%). However, Tips was the only major gainer among the media stocks.

Zee Telefilms, clocked the top volumes on BSE and NSE at 10 million and 14.9 million shares respectively.

After remaining in the positive for most part of the trading session, Zee drifted into the negative territory. The scrip ended at Rs 114, down 2.44 per cent.

The Sensex lost 182 points from the intra-day high of 3931 and finally closed at 3768, down by 114 points (2.9%).

In an effort to curb volatility, the SEBI had imposed additional margins on net outstanding to 25% from 10%. As a result, the total volumes on BSE and NSE have declined sharply to 84 million and 105 million shares respectively compared to their normal volumes.

The NSE Nifty Index closed at 1197.95, down by 56.80 points (-4.5%) and the CSE Index closed at 125.23, down by 4.2 points (-3.2%).

And with no immediate relief expected at the NASDAQ tech-laded index, it seems that the worst is still to come.

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