Media Stocks, Strong Debuts, Low Inflation: What Moved Markets Today

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Media Stocks, Strong Debuts, Low Inflation: What Moved Markets Today

By Aditya Raghunath -- Nifty 50  closed at 17,380 today, a record high, gaining 24 points while the BSE Sensex 30 closed at 58,247, up 69 points. Markets opened up and strongly today and though they lost a little ground, they still closed in the green.

IndusInd Bank Ltd. (NS: INBK ) led the Nifty today, closing up 3.93%. HCL Technologies Ltd (NS: HCLT ) and Hero MotoCorp Ltd (NS: HROM ), both gained over 2%. Nifty Bank closed up 0.39%.

UltraTech Cement Ltd (NS: ULTC ), Housing Development Finance Corporation Ltd (NS: HDFC ), Bharat Petroleum Corp. Ltd. (NS: BPCL ) and Nestle India Ltd (NS: NEST ) lost over 1% each today.

Nifty Media was powered up today, closing up 14.4%, thanks in no small part to Zee Entertainment Enterprises Ltd. (NS: ZEE ) where investor activism saw the stock close up 41.6% at Rs 261.7. TV18 Broadcast Ltd. (NS: TVEB ) and Dish TV India Ltd (NS: DSTV ) also gained over 9.8% each.

AMI Organics Ltd (NS: AMIO ) and Vijaya Diagnostic Centre Ltd (NS: VIJA ), both made strong debuts on the markets today with Ami Organic closing up over 53% to its issue price while Vijaya Diagnostic gained over 16%.

Retail inflation numbers for August came in at 5.3%, the lowest in four months.

The release of the latest US consumer prices, is keeping global investors cautious Tuesday, as this is seen as being a key factor in determining when the Federal Reserve chooses to scale back its economic stimulus.

Asian markets closed mixed with Nikkei 225 up 0.73%, Kospi up 0.67% while the Shanghai Composite closed down 1.42%.

As of this report, Dow Jones futures are trading up 0.1%, S&P 500 futures are up 0.13% and Nasdaq futures are up less than 0.1%.

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