Indian stock market indices have been trading in the red over the past two hours of trade on the back of persistent selling activity across heavyweights. All sector indices are trading weak led by Oil and gas and Power
The BSE-Sensex is trading down by 225 points and NSE-Nifty is trading down by 65 points. BSE Mid Cap and BSE Small Cap
indices are trading lower by 0.8% and 0.4% respectively. The rupee is trading at 51.80 to the US dollar.
Retailing stocks are trading weak led by Pantaloon and Trent. According to a leading financial daily, Titan Industrie's jewellery brand Tanishq has recently launched a sub brand "Mia" aimed at working women. Mia is meant for professional women on the go. As per the management this segment is huge and still growing thereby providing ample opportunities to the jewellery makers. Mia has more than 100 designs that are priced at Rs 5,999 onwards. These makes are light weight, affordable and well designed. Titan is also looking at launching another sub brand aimed at the youth. This move is part of the company's strategy to target new segments and thereby augment overall growth in sales.
Cement stocks are trading weak. Ultratech Cement and India Cements are the top losers. As per a financial daily, Ultratech is set to set up a cement plant in Dankuni, West Bengal. The proposed plant is expected to have a capacity of 2 m tonnes. This will be the second plant of Ultratech in the state. The cement company has received approval from the West Bengal Pollution Control Board. The plant would not manufacture clinker at the site but instead source it from outside and ground it with fly ash and gypsum. It is expected to use 4,000-4,500 tonnes of clinker daily along with 1,350-1,900 tonnes of fly ash and 280-350 tonnes of gypsum.