The Indian equity markets continued to be under pressure in the final hours of trade, thereby paring most of the gains made earlier in the day. While the BSE-Sensex today closed higher by just 30 points, the NSE-Nifty closed higher by 23 points. Midcaps and smallcaps however closed on a strong note. While the BSE Mid Cap index closed higher by 1.1%, the BSE Small Cap index closed the day higher by 1.2%. Auto and realty stocks were the biggest gainers today.
As regards global markets, Asian indices closed on a positive note today, with the Korean and Hong Kong markets seeing the biggest gains. The rupee was trading at Rs 60.72 to the dollar at the time of writing.
Textile stocks have ended the day on a mixed note. Eastern Silk and Raymond closed the day with the biggest declines. As per a leading business daily, Arvind has announced a foray into the e-commerce space with a custom clothing brand 'Creyate'. The company is targeting revenues of over Rs 10 bn in 3 years. The company plans to position the new clothing brand as an alternative to ready wear as well as traditional custom clothing. The company also plans to launch stores in 15 cities within the 1 year. It already has stores in Bengaluru, Ahmedabad and Delhi. The company is planning to take 'Creyate' to global consumers in the coming year and intends to start with the US market. The management expects e-commerce to be a major growth driver for it going forward.
Media stocks too have ended the day on a mixed note. Jagran Prakashan and Sun TV were among the biggest losers today. As per a leading business daily, Zee Entertainment is planning to increase its overseas presence by expanding operations in the South East Asian, Middle Eastern and African markets. Note that the company has already forayed into Indonesian and Thailand markets this year. As part of its plans, it is now looking at Vietnam as its next target market by offering Hindi content dubbed in local languages. The company already has a strong presence in the Middle East and plans to strengthen this further. The company intends to feature among the top 10 global media and entertainment firms within 10 years, and the above plans are a step in this direction.