Market Update: CNX IT outperforms as TCS hits new 52-week high; GAIL top gainer, Bharti Airtel falls 4%

The Indian benchmark indices were trading flat with the Nifty shedding 21 points and was trading at 11,062 while the Sensex was down 45 points  and was trading at 36,092.

CNX IT was the outperforming sector which gained 0.7 percent as stocks like TCS gained 1.3 percent while HCL Tech, Tech Mahindra and Wipro were the other gainers.

Nifty midcap was the biggest drag which was down 0.7 percent as stocks like JP Associates, OBC, SAIL and Unitech traded lower.

From the Nifty, the stocks that gained the most were GAIL India which jumped over 4 percent while HDFC was up 1.4 percent. TCS, Dr Reddy's Labs and HCL Tech were the other top gainers.

The most active stocks were Bharti Airtel which fell close to 4 percent while United Spirits cracked 6 percent. Indiabulls Housing, Maruti Suzuki and State Bank of India were the other active stocks.

From the BSE, the stocks that gained the most included L&T Tech which zoomed close to 17 percent while NIIT Tech and IIFL Holdings added 55 percent each. GAIL India and Aban Offshore were the other top gainers.

41 stocks hit fresh 52-week high on NSE including ABB, Biocon, Bharat Forge, Godrej Consumer, HCL Tech, TCS and Tech Mahindra among others.

From the BSE, TCS, eClerx, Infosys, L&T Tech, Biocon, M&M Financial and Mphasis were some of the stocks which hit fresh 52-week high.

The market breadth was in favour of the declines on Wednesday morning with 384 stocks advancing as against 1220 declines while 405 remained unchanged. On the other hand, 673 stocks advanced and 1463 stocks declined while 87 remained unchanged on the BSE.