Markets Trade Lower, Nifty Drops Below 9,200 Points

The Sensex and the Nifty opened the day lower, after losing almost 7 per cent in the last two trading sessions.

Global cues were extremely quiet with most of Asia trading with modest gains. The Sensex was trading with losses of 137 points, while the Nifty was down 38 points in trade today.

Shares in NIIT Technologies was marginally higher despite net profits at the company falling to Rs 113.6 crores versus Rs 123.3 crores.

Shares in Adani Ports was moved uo by 1 per cent, even by after net profits at the company fell to Rs 334.39 crores versus Rs 1,285.38 crores. Apollo Pipes saw its shares gain by near 3 per cent, following reports that the promoter Sameer Gupta bought 1,25,000 shares in company at Rs 309.98 per share.

The bank Nifty, which had plunged sharply on Monday and Tuesday did not recover and fell by another 1 per cent. Among the banking stocks that moved lower were ICICI Bank, HDFC Bank and State Bank of India.

Shares in Yes Bank were trading marginally lower, ahead of results to be declared later today. The bank's net loss is expected to widen. The shares were down near 2 per cent.

Meanwhile, it was a very quiet day of trade for most of the Asian markets, which were marginally higher.