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Bulk deals at ZEEL, Hathway counters boost sentiment

MUMBAI: In an otherwise calm trading session on the media and entertainment (M&E) space, Zee Entertainment Enterprises Ltd (ZEEL) and Hathway Cable & Datacom were busy collecting gains following the bulk deals recorded on their counters.

A single block deal on the NSE, struck in the early trading hours and involving 5,79,400 shares of ZEEL, each being traded at Rs 280.30 and amounting to Rs 16.24 crore (Rs 162.4 million), helped the counter to end on a strong footing.

The counter settled the day at Rs 279.20 per share, up 2.12 per cent on the NSE amid high volume. ZEEL logged volume of 2.835 million shares, while aggregate turnover grossed Rs 79.10 crore (Rs 791 million).

Hathway, on the other hand, recorded two block deals on the NSE valuing at Rs 12.49 crore (Rs 124.9 million) and involving 5,00,059 shares that changed hands at Rs 249.75 each. The first deal struck in early trading hours saw the counter exchanging 2,00,500 shares, while the second deal entered towards the end of the session saw 2,99,559 shares being traded. It settled the NSE session at Rs 249.75 per share, up 0.75 per cent after a trading volume of 8,96,180 shares and a total turnover of Rs 22.40 crore (Rs 224.0 million).

Meanwhile, heavy buying by Foreign Institutional Investors (FII) fuelled enthusiasm in the broader markets. The Sensex was pushed to a new high for the eighth straight session, as trading interest remained concentrated on non-banking financial activity following the Election Commission permitting the Reserve Bank of India (RBI) to announce new bank licences.

The Sensex gained 0.65 per cent to scale an all-time high of 22,592.10, while the Nifty gained 0.63 per cent to a record high of 6,763.50. The Sensex and the Nifty ended up 0.47 per cent each. FII bought shares worth Rs 385 crore (Rs 3.85 billion) on Tuesday.