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Market Live: Sensex falls 100 pts, Nifty breaks 10,200 in opening: Midcap underperforms.
Benchmark indices opened lower on Wednesday, tracking weakness in Dow Jones futures that fell 2 percent indicating lower opening on Wall Street.
The 30-share BSE Sensex was down 127.47 points at 33,189.73 and the 50-share NSE Nifty fell 48.30 points to 10,201.
Tata Motors hit fresh 52-week low, falling half a percent.
Nifty Midcap index was down 113 points or 0.59 percent.
Union Bank, Canara Bank, PFC, Allahabad Bank and Karnataka Bank hit fresh 52-week lows.
The brokerage house believes that the company is likely to see a growth recovery in IMS and said that apps & engineering are growing ahead of peers.
There is a valuation discount to peers, which suggests that there are concerns on IP licensing strategy.
Having said that, the firm offers absolute upside from growth & rerating, the report added.
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