Kenya, March 16 -- The headline equity indices pared early gains and traded modest losses in the morning trade as investor sentiment remained cautious amid the ongoing conflict involving Iran and rising global crude oil prices. The Nifty traded below the 23,100 level. Realty shares witnessed selling pressure for the fourth consecutive trading session. At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 387.56 points or 0.52% to 74,176.36. The Nifty 50 index fell 90.20 points or 0.40% to 23,057.35.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index tumbled 1.36% and the BSE 250 SmallCap Index slumped 1.50%.

The market breadth was weak. On the BSE, 1,055 shares rose and 2,777 shares fell. A total ...