“After Sony comes in, it will create the largest media company in India and one of the largest in the world. â€
Nifty50 formed a small-bodied bearish candle on the daily scale and closed flattish, but was hovering near to the highs of previous session.
Analysts said the 17,500-17,430 range is likely offer some support to the index. A sustained move above the 17,600 level is a must for the index momentum to stay positive, they said.
“Zee has got a more sustainable strategy and so having Punit as MD for the combined entity should translate into gains for Sony’s business in terms of cost generic also.â€
In the international market, gold was trading in the green at $1,776 per ounce and silver was flat at $22.72 per ounce.
The Nifty Pharma index closed 0.39 per cent up at 14334.25.
According to the draft papers, the Chennai-based company is expected to raise Rs 600-700 crore through its initial public offering (IPO).
Media stocks were under the spotlight amid the announcement of the ZEE-Sony merger. Realty stocks also saw massive buying as Karnataka cut stamp duty. However, banks and financial services ended down.
A total of 44,203 shares changed hands on the counter till time (IST).
On the technical charts, the RSI of the stock stood at 46.18.
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