Nifty Index Surges Past 24,250 as Media Shares Rally
Nifty above 24,250; media shares in demand
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The Nifty 50 index rose above 24,250, gaining 417.05 points (1.75%) amid positive global market trends and renewed optimism over US-Iran peace talks. Media shares saw significant demand, with the Nifty Media index increasing by 2.63%. The broader market also outperformed, indicating strong investor sentiment.
- 01Nifty 50 index increased by 417.05 points to reach 24,263.50.
- 02S&P BSE Sensex surged by 1,375 points to 78,222.57.
- 03Nifty Media index rose by 2.63%, reversing previous declines.
- 04Hindustan Zinc and Swaraj Engines reported significant gains.
- 05Market breadth was strong with 3,450 shares rising on the BSE.
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In the morning trade, the Nifty 50 index crossed 24,250, climbing 417.05 points (1.75%) to reach 24,263.50. This surge follows a rally in global markets, driven by optimism regarding the resumption of US-Iran peace talks. The S&P BSE Sensex also saw a notable increase, rising 1,375 points (1.79%) to 78,222.57. The broader market outperformed the frontline indices, with the BSE 150 MidCap Index rising 2.05% and the BSE 250 SmallCap Index up 2.23%. The Nifty Media index gained 2.63%, recovering from previous losses, with key players like Network 18 Media & Investments and Zee Entertainment Enterprises showing significant gains. Notable performances included Hindustan Zinc, which jumped 4.12% after winning a bidding for a potash block in Rajasthan, and Swaraj Engines, which surged 7.58% following a strong quarterly profit report. Overall, the market breadth was robust, with 3,450 shares advancing against 531 declines on the BSE.
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The surge in the Nifty index and media shares reflects strong investor confidence, which could lead to increased investments in the Indian market. This is beneficial for sectors like media and infrastructure, potentially creating more jobs and economic activity.
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