Market Update: HPCL, BPCL along with pharma stocks propel Nifty higher; Tech Mahindra falls 4%

The broader are trading on a positive note this Monday afternoon, with the Nifty up 88 points at 10,693 and the Sensex gaining 255 points at 35,179.

The Nifty midcap index continued to shine led by Apollo Tyres, GMR Infra, Havells India, India Cements, Jain Irrigation Systems, CG Power, Jubilant Foodworks, Just Dial, Mcleod Russel, MRF, PFC, Reliance Capital and Voltas among others.

Oil & gas stocks are buzzing led by sharp fall in oil prices with HPCL and BPCL jumping 4-5 percent while Indian Oil Corporation zoomed over 6 percent. GAIL India and ONGC were the other gainers.

Nifty pharma jumped 2.5 percent led by Sun Pharmaceutical Industries which zoomed over 7 percent followed by Aurobindo Pharma, Lupin and Dr Reddy's Labs.

Nifty PSU bank was also trading in the green with gains in Bank of India, Andhra Bank Oriental Bank of Commerce, Indian Overseas Bank and Bank of Baroda. Punjab National Bank, Syndicate Bank and State Bank of India were the other gainers.

ICICI Bank, HDFC Bank, Yes Bank and Axis Bank also trading on a positive note in the afternoon trade.

Among the auto names, Apollo Tyres, Eicher Motors, Tata Motors, Maruti Suzuki, MRF and TVS Motor Company.

However, Nifty IT shed 2 percent dragged by Tech Mahindra, Infosys, Tata Elxsi, Tata Consultancy Services and HCL Technologies.

The top gainers among Nifty constituents were Sun Pharma, HPCL, Lupin, BPCL and GAIL India.

The most actively traded stocks on the NSE were Just Dial, Sun Pharma, Tech Mahindra, Tata Consultancy Services and ICICI Bank.

Some of the top gainers on BSE were Just Dial, Gateway Distriparks, Sun Pharma Advanced Research, Oriental Bank and Reliance Naval.

The top losers on BSE were PC Jeweller, Avanti Feeds, Mphasis, Persistent Systems and Tech Mahindra.

Bajaj Finserv, Britannia Industries, Jubilant Foodworks, Kotak Mahindra Bank, NELCO and Pidilite Industries were some of the stocks that hit fresh 52-week highs in afternoon trade.

On the other hand, 54 stocks hit a new 52-week low. These include Aban Offshore, Vakrangee, Gammon India and IVRCL among others.

The breadth of the market favoured advances, with 1269 stocks advancing, 436 declining and 356 remaining unchanged. On BSE, 1785 stocks advanced, 771 declined and 151 remained unchanged.