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ZEEL, DB Corp shine bright even as Sun TV fades

MUMBAI: Well, the Diwali festival is still two weeks away, but the domestic markets appeared in no mood to wait that long. The celebrations have already begun. And what a great week it has been. The Stock Exchange Mumbai (BSE) 30 Sensitive Index (Sensex), added 354 points (or 1.73%) to close the week at 20882.89, while the Nifty closed at 6,189, up 93 points (or up 1.53%).

The Sensex today surged close to its three-year high, led by increased buying from foreign investors. On Thursday, foreign institutional investors (FIIs) bought Rs 11.09 billion worth of shares, a tenth consecutive session of purchases that brought their total to Rs 78.47 billion, according to SEBI and exchange data.

“This has pumped up the market sentiment. The Sensex appeared on its course to head north of 21,000 – its record all-time high level,” says a stock market analyst.

Meanwhile, the activity on the media counters such as Zee Entertainment Enterprise (ZEEL), DB Corp and Reliance MediaWorks remained upbeat.

Shareholders’ nod approving ZEEL preferential bonus issue perked up the sentiment on the counter. Expectations ran higher as the company is set to release its second quarter financial performance on Monday. ZEEL ended the session 1.6% higher at Rs 253 on BSE.

Strong financial performance for the second quarter to September 2013 helped fuel renewed optimism on DB Corp, the largest regional newspaper printing and publishing house. After a sketchy start in early Friday trade, the company settled the week at Rs 251.85, up 4%.

Reliance MediaWorks bettered its weekly performance yet again. The counter added 2% to round up the week at Rs 44.80, posting its second successive week of gains. Last month, the company completed allotment of shares on a right basis. It raised Rs 588 crore ( Rs 5.88 billion) through right issue.

Meanwhile, Sun TV Network witnessed selling pressure from profit taking. The company added over 5% during the first half of October to scale a monthly high of Rs 430. As bulls stopped for a breather, punters seized the opportunity to hammer the stock down. Sun TV shed 1.4% during the week. Late recovery on Friday, however, helped the stock trim some losses.