Media stocks gain despite war fears

MUMBAI: Notwithstanding war fears, media stocks rose on the premier stock exchanges of the country. The Bombay Stock Exchange BSE Sensex ended at 3,218.73 (19.58 points higher) during the special trading session on Saturday. The National Stock Exchange Nifty rose to 1,037.15 ( up 6.60 points ).

Zee Telefilms opened the day at Rs 73.55 and rose to Rs 74.35 (up 1.09 per cent) and a total of 561,582 shares were traded on the BSE. On the NSE, the stock rose by 1.16 per cent to finish the day with Rs 74.40. The volume of shares traded was 782,897. In the last month, the stock has dropped from Rs 84 mark to settle around the existing level.

Padmalaya Telefilms has also recovered to rise 6.53 per cent to Rs 66.85 on the BSE and 57,035 shares were traded. On the NSE, it rose by 7.15 per cent to finish the day Rs 67.40. However, etc Networks fell by 2.68 per cent to end the day at Rs 38.10.

Balaji Telefilms opened the day at Rs 61.55 and rose to Rs 63.75 (up 3.57 per cent) and a total of 11,503 shares were traded on the BSE. On the NSE, the stock rose by 4.32 per cent to finish the day with Rs 64.05. The volume of shares traded was higher at 51,563 . In the last month, the stock has dropped from Rs 72 mark to settle around the existing level.

Cinevistaas rose by 1.10 per cent to end the day at Rs 23. Creative Eye rose 1.98 per cent to Rs 10.30. Tech stocks showed an upward trend and several ones included ones such as Hinduja TMT (up 5.67 per cent to Rs 182.70).

Stock analysts observed that the market which has been seeing a steady decline rose on expectations of a quick end to the US-Iraq conflict. However, the special trading session had no connection to the war. It was a forced one as NSE tested a back-up for its trading system and the BSE also followed suit to provide an equal opportunity to its members.

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