Mid-market commentary: September 12, 2016

Indian capital markets opened gap down at the start of the week in the wake of global weakness. Nifty has dropped by 1.43 per cent in early trades and is trading at 8740. BSE Sensex has decreased by 1.33 per cent and is trading at 28415. Bank Nifty has reduced by 2.52 per cent and is trading at 19816 on an intraday basis. Auto index also has slumped more than 500 points to 22290.7. All sectoral indices are in red except IT which is trending positive.

Meanwhile, Asian markets are trending red on Monday. Shanghai is down by 1.85 per cent, Nikkei hasreduced by 1.73 per cent, Hang Seng has declined by 2.69 per cent on an intraday basis. European indices started poor. DAX declined by 2.48 per cent, CAC 40 reduced by 1.5 per cent. However, FTSE dropped by 1.49 per cent.

The crude oil futures are trading lower and dropped by 1.61 per cent to USD 45.14 on an intraday basis.

Stocks to watch:

Tata Chemicals: The company has signed an MOU with Sanjana Cryogenics Storage (SCSL), its Ammonia Terminal Operator, for re-routing a portion of the ammonia pipeline that runs from the Haldia Dock to the Ammonia Storage tank.

V2 Retail: V2 Retail has opened one operational retail store at Rash Behri Avenue Kolkata.

Intellect Design Arena: Capital Small Finance Bank has selected Intellect Design Arena to power its Digital Transformation Program.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals has received ANDA approval for Lidocaine Ointment USP.