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.”

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.

The plan, once implemented could push foreign investors, who account for about a fifth of the India’s market capitalization, to not only upgrade their custodial arrangements but also spend more on foreign exchange charges and other costs.