Sensex down over 100 pts, Nifty below 9,200; Infosys dips 2% post results

Benchmark indices were trading marginally lower in morning trade tracking weak economic data. The March retail inflation rose to highest level in 5 months of 3.81% while the February IIP contracted to 1.2% from 3.3% in January.  IT major Infosys also declared its March quarter results which was in line with the street expectations but the revision of FY18 guidance for the fourth time to 6.5-8.5% in constant currency terms and muted outlook kept the momentum tepid. Globally, geopolitical tensions and Donald Trump’s comment on dollar also affected the sentiment.  In an interview with the Wall Street Journal, Trump said the dollar is getting too strong and that would eventually hurt the economy and he would like to see interest rates stay low. Future & Option Trading Tips

At 1:00 pm, the S&P BSE Sensex was trading at 29,525 down 117 points, while the broader Nifty50 was ruling at 9,173 down 30 points. In the broader market, BSE Midcap gained 0.13% while BSE Smallcap was up 0.55%. "The 9,280 has held firm so far, forcing retreats on every attempt. This suggests that 9,170 could crack, but that should at best ease oscillators a bit, and considering the strength of directional moving indicators, 9,500 objective could then become more certain. Alternatively, inability to float above 9,170 could see prices sliding systematically but slowly feeling for support from 9,070 or 8,900. Favoured view, however does not expect such down moves to sustain," said Geojit Financial Services in a technical note. On Wednesday, foreign portfolio investors (FPIs) bought shares worth a net Rs 580.70 crore, while Domestic institutional investors (DIIs) also bought shares worth a net Rs 701.12 crore, provisional data available with BSE showed. Financial Astrology Tips