Markets continue lacklustre trading in afternoon deals; Nifty tests 9,100

Benchmark indices were trading flat, swinging between gains and losses as investors remain cautious on muted corporate earnings. Globally, geopolitical tensions rising between US and North Korea and US President Donald Trump’s call for reviewing H1-B visa programme kept the Street wary and uncertain.
 
At 2:18 pm, the S&P BSE Sensex was trading at 29,300, down 18 points, while the broader Nifty50 was ruling at 9,092, down 12 points.
 
The broader market was outperforming benchmark indices with the S&P BSE Midcap and S&P BSE Smallcap gaining 0.5% and 0.4% respectively.
 

The market breadth was positive, but narrow, as just 1,405 shares against a decline of 1,207 shares, while 148 shares were unchanged.

 
Power Grid, Adani Ports, NTPC and Coal India were the top gainers on BSE Sensex, while Infosys, TCS, Bharti Airtel and Tata Steel lost the most.
 
TCS, pared all morning gains, becoming the biggest laggard on BSE Sensex, down nearly 1% after the company reported 1% quarter on quarter (QoQ) growth in its constant currency revenues — lower than analysts’ expectations of 1.5 to 2%. The stock lost around 2.5% from its intra-day high of Rs 2348.
 
Yes Bank and IndusInd Bank remained flat ahead of quarterly earnings later today.
 
National Aluminium Company (Nalco) dipped 7% to Rs 68.25 on BSE in early morning trade after the government stake sale of up to 10% in the aluminium company through an offer for sale (OFS) begins today. The company has fixed floor price of Rs 67 for the OFS. The floor price is 8.8% lower against Tuesday closing price of Rs 73.45 on BSE.

 
Among other stocks, RPP Infra Projects was up over 1% after it received an order worth Rs 97 crore.
 
Globally, Equities were largely sidelined as Sterling stole the show post UK PM Theresa May announced snap polls on June8. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6% to their lowest since mid-March.
 
Japan's Nikkei managed to steady for the moment, but Shanghai extended its recent retreat with a drop of 1%. The Chinese market has fallen for four straight sessions on concerns over tighter regulations.