The Nifty Media index gained 2% on Tuesday amid heavy buying in stocks of Zee Media, Zee Entertainment, PVR, and INOX Leisure.
Shares of Zee Media and Zee Entertainment, which gained 5% and 3%, respectively, led the gains on the index.
Zee gained after the Essel Group said it has secured a formal consent with lenders having a pledge of company's shares held by promoters. As per the consent, the lenders have agreed that there will not be any event of default declared till September 30, 2019.
The approval has been given due to the movement in the stock price of Essel Group's above-mentioned listed corporate entities.
Shares of PVR and INOX Leisure also rose 1% each.
However, shares of UFO, DB Corp, which declined 2% and 1%, respectively, capped the index’s rally.
Meanwhile, equity benchmark indices were trading in the green on Tuesday with the Sensex rising 90 points to 36,672, while the Nifty rose 31 points to 10,943.
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