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Oil & Gas stocks weigh on markets
Thu, 17 Nov 11:30 am

Indian stock market indices have been witnessing selling pressure over last two hours of trade. All sector indices are trading weak except for realty stocks.

The BSE-Sensex is trading down by 58 points and NSE-Nifty is trading down by 20 points. BSE Mid Cap and BSE Small Cap indices are trading lower by 0.2% each. The rupee is trading at 50.77 to the US dollar.

Retailing stocks are trading weak led by Zodiac and Provogue. According to a leading financial daily, Titan Industries is set to acquire a Swiss watch brand. The Swiss brand named Favre Leuba will widen the product portfolio of Titan. Titan already sells a variety of products including sub Rs 500 watches, luxury watches, watches for children, watches specially designed for women, etc.

Titan is expected to shell out Rs 130 m for the same. The country's largest watch maker has signed a binding offer with Valfamily SL Spain and Maison Favre Leuba of Switzerland. This will help Titan in gaining global rights of the Swiss brand. Favre Leuba has a rich history in international markets and has been existing since 1737.

Media stocks are trading weak. Jagran Prakashan and Dish TV are the top losers. As per a financial daily, Zee Entertainment is in talks with Comcast Corp and Time Warner Cable Inc. for a distribution deal. The Indian media company wants to expand its reach in the US and is planning to triple the number of households it serves there from 10 m to 35-40 m. Zee has created a US$ 250 m fund for development and acquisition of Veria Living Network. Veria Network is New York based and focuses on health and well being. Earlier, an amount of US$ 100 m was allocated for the stated purpose.

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