Markets erase opening gains to turn red; Nifty below 9,550

Benchmark indices opened higher but later pared gains to trade lower tracking muted handover from global markets. Investors also stayed cautious ahead of F&O expiry due this week and GST rollout lined up for June 30 midnight. At 9:50 am, the S&P BSE Sensex was trading at 31,054, down 83 points, while the broader Nifty50 was ruling at 9,540, down 34 points. In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices underperformed to shed 0.6% and 0.4%, respectively. "Direct fall below 9,530/9,500 could usher in sharp long liquidation, which is less expected, but needs to be factored in as well. Alternatively, a pull back above 9,640 could usher in more positivity, rekindling hopes towards 10k," said Geojit Financial Services in a note. Commodity Trading Tips