Sensex tanks 200 points, Nifty below 9,200; broader markets underperform

The benchmark indices on Wednesday pared morning gains to turn lower ahead of the start of March quarter earnings season, while geopolitical risks weighing on global markets also kept the momentum negative. At 10:25 am, the S&P BSE Sensex was trading at 29,624, down 164 points, while the broader Nifty50 was ruling at 9,185, down 52 points. In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices underperformed to lose 0.7% and 1%, respectively. "Going ahead, yesterday’s low of 9172.85 would be seen as a crucial and strong support; whereas, we expect a continuation of ongoing optimism first towards 9,274 and then beyond the 9,300 mark," said brokerage Angel Broking in a technical note. Meanwhile, on Tuesday, foreign investors turned net sellers to the tune of Rs 750 crore, while domestic investors bought equities worth Rs 827 crore. 

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Tata Motors, Adani Ports and Tata Steel were the top losers on Sensex and shed up to 2%, while Infosys (up 0.4%) edged higher ahead of its March quarter results due tomorrow. The stock was the top Sensex gainer. Among gainers, Goa Carbon  surged 16% to Rs 153, also its 52-week high on BSE, after the company reported a standalone net profit of Rs 5.08 crore for the fourth quarter ended March 2017 (Q4FY17), due to exchange gain of Rs 6.71 crore. Berger Paints gained over 3% after the company entered into a Memorandum of Understanding with Chugoku Marine Paints of Japan for co-operation and collaboration in the field of marine and related industrial paints in India.  Nifty Trading Tips