Nifty Waves Outperforms at Friday Close; Rallies 2.69%

Mumbai, 10 April: The Nifty Waves index closed Friday’s session in the green, adding 2.69% to settle at 1,847 at market close at 3: 30 PM over Thursday’s close, reaching an intraday high of 1,855 — the highest it’s traded at this week — versus a low of 1,813. The index opened the session at 1,816 and rose steadily across the day on the back of 4.83 crore shares changing hands valued at ₹400 crore. The move was broad-based, with most stocks in the index rising as Friday’s bell closed to mark one of the most uniformly bullish sessions from the media, entertainment and broadcasting stocks that make up Nifty Waves.

Prakash Foul Leads the Nifty Waves Basket

Premium cosmetic maker Prakash Foul (PFOCUS) was Friday’s biggest mover in the Nifty Waves basket at the 3: 30 pm close bell, rallying 5.55% to ₹336 after hitting a high of ₹336 versus a low of ₹312; a healthy intraday range of ₹24 on the day as it shrugged off volatility to settle higher on the session. The cosmetics stock closed ₹17 higher than its previous closing price of ₹319 on a volume of 27 lakh shares worth ₹88 crore traded. Year-to-date, the stock is already up 272.81%.

Saregama India’s Music Catalogue Gets Re-priced?

Music label Saregama India also closed higher by 5.31% to ₹334, trading between ₹318 and ₹337 on Friday versus its previous close of ₹317; a gain of ₹17 on the day on a volume of 8.37 lakh shares worth ₹27 crore traded. Controlling the world’s largest music archive library, Saregama stands to benefit from recovering consumer mood and acceleration in digital streaming consumption moving forward, and may well have caught a bid on Friday as renewed investor interest in media content IP began to emerge following a decline in geopolitical fears over the week and broad signs of stabilization in India’s macroeconomic framework.

Who Moved or Lost Money: Tips Films Trades Upbeat on Media Content Plays

Tips Films surged 6.24% to ₹344 at close (one of the largest gainers in Nifty Waves at market close), ranging between ₹324 and ₹345 versus the previous close of ₹323; a gain of ₹21 on Friday’s trade that exchanged hands via just 5,496 shares worth ₹18 lakh. Though low on volume, Tips Films shares were pushed up in one clean move through the afternoon session, suggesting strong buying interest in small-cap media and entertainment stocks amid improved investor sentiment around the content consumption thesis.

DEN Networks and Hathway Cable Gain as Distribution Plays Heat Up

DEN Networks traded up 7.04% to ₹29 from a previous close of ₹27, reaching a high of ₹29 versus a low of ₹27 on Friday. The stock saw shares totalling 12 lakh worth ₹3 crore change hands over the course of the trading session. Hathway Cable gained even further on Friday, ending the session 7.38% higher at ₹11 from its previous close of ₹10. Hathway Cable jumped to a session high of ₹11 on a volume of 64 lakh shares worth ₹7 crore — the most shares traded by any stock on the smaller Waves index throughout the session.

Big Picture: Why Nifty Waves Stocks are Rallying

Media and entertainment stocks under Nifty Waves are rallying on Friday led by easing geopolitical tensions between the US and Iran, which has sent crude oil prices plunging and improved input cost scenarios for media and entertainment companies whose top-lines are led by advertising revenues that correlate closely with global growth narratives. Media and entertainment is also one of many consumer-facing, high-beta sectors that investors are rotating into as risk-on vibes return to India Inc., following a tough couple of weeks on Dalal Street as recession fears abated. Demand for content continues to look solid on all fronts including broadcasting, streaming services and organised events – while optimism around improving advertisement spends also returns as India’s macro stabilises and cost pressures ease following weeks of heavy pain. Steady demand is also expected to support ancillary beneficiaries in cable distribution networks which saw DEN Networks and Hathway surge on Friday.

Declining crude oil prices also provides the macro backdrop for today’s moves: at market close on Friday, Brent crude was trading near $97 — significantly lower than the $111+ highs seen during earlier this week’s market tumult – despite attacks on Saudi Arabia’s oil infrastructure which provided fuel for crude prices to recover from post-ceasefire lows during the session.

Source: https://www.nseindia.com/market-data/live-equity-market?symbol=NIFTY%20WAVES