Market Update: CNX IT outperforms as TCS, HCL Tech trade higher; SBI, PNB drag PSU bank index lower

The Indian equity market was trading on a positive note on Wednesday afternoon with the Nifty adding 17 points at 10,419 mark while the Sensex was up 78 points or 0.23 percent.

The Nifty PSU bank index traded lower by close to 2 percent as stocks like SBI, PNB, OBC, Canara Bank, Andhra Bank, Allahabad Bank, Bank of India and Bank of Baroda dragged the index lower.

However, Nifty IT was trading higher by 1.2 percent led by Tata Consultancy Services which added over 1.5 percent followed by HCL Tech, Infibeam, Inffosys and KPIT Tech.

The top Nifty gainers included Vedanta which was up close to 4 percent while Eicher Motors was up 2.5 percent. HCL Tech, Hindustan Unilever and Sun Pharma were the other gainers.

The most active Nifty stocks included Mahanagar Gas which shed 3.3 percent while Vedanta, BPCL, Axis Bank and HPCL were the other active stocks.

The top BSE gainers included IRB Infra which jumped 8.3 percent while Finolex Cables was up 5 percent. Tata Sponge, Aban Offshore and Supreme Industries were the other gainers.

Avenue Supermarts, Pidilite Industries and Sudarshan Chemicals were some of the few stocks that hit fresh 52-week high whereas Gitanjali Gems and SRS hit new 52-week low.

The market breadth was in favour of the declines with 678 stocks advancing while 1009 declined and 360 remained unchanged. On the other hand, in the BSE, 1130 stocks advanced and 1451 declined and 141 remained unchanged.