Market Update: Broader indices in red despite Nifty PSU banks outperforming; JP Associates jumps 8%

The Indian markets on Wednesday morning were trading on a negative note with the Nifty shedding 48 points or 0.47 percent  while the Sensex was down 129 points.

The Nifty PSU banking index was trading higher by 0.8 percent led by IDBI Bank, Oriental Bank of Commerce, Bank of Baroda and Allahabad Bank.

The top Nifty gainers included Tech Mahindra which added over 2 percent followed by Ambuja Cements, Yes Bank, UltraTech Cements and HCL Tech.

The top Nifty losers included IOC which fell close to 3 percent followed by Bharti Infratel, HPCL, ONGC and HDFC.

The most active Nifty stocks included PNB, State Bank of India, Reliance Industries, IOC and Tata Consultancy Services.

The top Sensex gainers were JP Associates which jumped 8  percent while IDBI bank was up 6 percent. OBC, Kwality and Syndicate Bank were the other gainers.

Bajaj Electricals, Rane Holdings and TV18 Broadcast were three of the few stocks that hit new 52-week high.

56 stocks hit new 52-week low including BEML, Gitanjali Gems, Cummins India and Mcleod Russel among others.

The market breadth was in favour of the declines with 755 stocks advancing while 940 declined and 324 remained unchanged. On the other hand, in the BSE, 1137 stocks advanced and 1467 declined and 153 remained unchanged.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd