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Media Stocks Plummet: Sun TV, Nazara Lead Losses
20 Nov
Summary
- Nifty Media index dropped 1.54% today, nearing 1455.
- The index has seen a significant 6% decline over the past month.
- Media sector shows a 25% year-long drop versus Nifty 50's rise.
The Nifty Media index concluded trading significantly lower, with a 1.54% decrease, settling at 1455.55. This marks a substantial 6.00% decline over the past month, signaling a challenging period for media stocks. Key companies within the index, including Sun TV Network Ltd, Nazara Technologies Ltd, and PVR Inox Ltd, all experienced notable drops in their share prices.
Over the last year, the Nifty Media index has faced considerable headwinds, recording a sharp 25.00% decrease. This contrasts starkly with the broader market's performance, as evidenced by the benchmark Nifty 50 index, which achieved an 11.37% surge during the same timeframe. This disparity underscores the underperformance of the media sector relative to the overall market.
In the broader market context, other indices showed mixed movements. The Nifty PSU Bank index declined by 0.89%, while the Nifty Financial Services index saw a modest increase of 0.79%. The benchmark Nifty 50 itself rose by 0.54%, and the SENSEX added 0.52%, indicating a generally positive day for the overall stock market, with the media sector being a notable exception.
