Barometers trade with small gains; Zee Group stocks rally

Equity indices hovered in a range with small gains in mid afternoon trade. The Nifty hovered near 17,400 mark. FMCG and metal lagged broader rally.

At 14:20 IST, the barometer index, the S&P BSE Sensex, rose 124.95 points or 0.21% at 58,302.42. The Nifty 50 index gained 40 points or 0.23% at 17,395.30.

The broader market outperformed the main stock indices. The S&P BSE Mid-Cap index rose 1.09% while the S&P BSE Small-Cap index gained 0.52%.

Buyers outpaced sellers. On the BSE, 1,898 shares rose and 1,278 shares fell. A total of 168 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,419.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 559.59 crore in the Indian equity market on 13 September 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 22,52,72,687 with 46,39,678 deaths. India reported 3,62,207 active cases of COVID-19 infection and 4,43,213 deaths while 3,24,84,159 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India recorded 25,404 new cases. Active cases accounted for 1.09% of total cases. The recovery rate currently stands at 97.58% with 37,127 recoveries in the last 24 hours taking the total recoveries to 3,24,84,159.

Buzzing Segment:

Shares of Zee Group companies witnessed strong demand. Zee Entertainment Enterprises (up 33.59%), Zee Learn (up 20%) and Zee Media Corporation (up 4.92%) surged.

Invesco Developing Markets Fund and OFI Global China Fund LLC, the largest shareholders of Zee Entertainment Enterprises (ZEEL), have called for an extra-ordinary general meeting (EGM) to remove Punit Goenka from the firm's board as director. Goenka, son of Essel Group founder and chairman Subhash Chandra, is managing director and chief executive officer of ZEEL.

Invesco Developing Markets Fund and OFI Global China Fund LLC together own a 17.88% stake in ZEEL. The two institutional investors also called for the removal of two of ZEEL's independent directors, Ashok Kurien and Manish Chokhani. The letter also proposed the appointment of six independent directors, including Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta. ZEEL requires approval from the Information & Broadcasting Ministry for the appointment of any new independent directors. The Company is examining the said letter, its related attachments and will take necessary action as per applicable law, ZEEL said in a filing to the stock exchange.

Dish TV India hit an upper-circuit of 10% at Rs 21.31 after The Hindustan Times bought 2 crore equity shares (or 1.08% stake) of the company at Rs 19.22 per equity share via bulk deals on NSE on Monday, 13 September 2021.

Last week, Dish TV announced that YES Bank has proposed to oust the company's entire board, including Jawahar Lal Goel, the promoter and managing director. The bank said the existing board is purportedly acting at the behest of certain minority shareholders holding a mere 6% of shares in the company.

YES Bank has issued a notice asking the company to put its proposal to vote at Dish TV's annual general meeting on 27 September 2021.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.6250 from its previous closing of 73.68.

MCX Gold futures for 5 October 2021 settlement fell 0.08% to Rs 46,871.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% at 92.52.

In the commodities market, Brent crude for October 2021 settlement added 59 cents or 0.8% to $74.1 a barrel.

The yield on 10-year benchmark federal paper rose to 6.198% from its previous close of 6.192%.

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