Mid-market commentary: September 8, 2016

Indian capital markets are consolidating on an intraday basis. BSE Sensex is up 42 points or 0.15 per cent at 28970, and the Nifty is up 2.35 points or 0.08 per cent at 8920.65. Nifty was able to sustain 8900 levels. About 1523 shares have advanced, 945 shares declined, and 161 shares are unchanged. On sectoral front, all are trading in green except Banking and IT.

TCS, IT major became second company warned about Q2FY17 profit. Earlier, Mindtree reviewed its upcoming quarter’s financials. NASCCOM also stated that it will review IT sector’s Q2FY17.

Meanwhile, Asian markets are trending in the mix on Thursday. Shanghai is up by 0.13 per cent, Nikkei has decreased by 0.32 per cent and Hang Seng has risen by 0.54 per cent on an intraday basis.

European indices have started on a flat note, DAX has declined by 0.07 per cent and CAC 40 has reduced by 0.05 per cent. However, FTSE has risen by 0.36 per cent.

Stocks to watch:

IRB Infrastructure Developers: IRB InvIT Fund, an infrastructure investment trust, has filed draft red herring prospectus with SEBI for Rs 4300 crore initial public offering.

Suven Life Sciences: Suven Life Sciences has secured three product patents in Canada, Europe and Hong Kong.

Indiabulls Housing Finance: Indiabulls Housing Finance has issued Rs 1330 crore of rupee denominated affordable housing masala bonds with coupon rate of 8.567 per cent and maturity date of October 15, 2019

Mahindra & Mahindra: Mahindra & Mahindra has signed strategic partnership with Ola cabs. The company will sell about 40000 vehicles to Ola within two years.

Yes Bank: Yes Bank has launched a qualified institutional placement (QIP) issue to raise USD 1 billion, a move that will help the private sector lender expand while bolstering its capital base.