Market Update: IT, metal stocks fall led by HCL Tech, Vedanta; Kotak Bank top gainer, RComm zooms 13%

The Indian equity market was trading on a flat to negative note on Wednesday morning with the Nifty shedding 9 points was trading at 10,729 while the Sensex was down 11 points.

The Nifty IT index was in the red, down 1.6 percent dragged by HCL Technologies which fell over 3 percent after the company declared its Q3 numbers. This was followed by Oracle Financial, Tech Mahindra and KPIT Technologies.

Oil & gas stocks were trading on a positive note led by Reliance Industries which was up over 1 percent followed by GAIL India and Hindustan Petroleum Corporation.

CNX metal was also trading lower as stocks like Hindustan Zinc was down over 4 percent while Coal India and Vedanta were lower by 1-2 percent.

The top Nifty gainers included Kotak Mahindra Bank which was up 3 percent followed by Zee Entertainment Enterprises and Bajaj Auto, each adding over 2 percent. Cipla and Tata Motors were the other gainers.

The most active Nifty stocks included PC Jeweller which shed 5 percent followed by HCL Tech, Kotak Mahindra Bank, Tata Motors and HDFC.

The top Nifty losers were HCL Tech, Vedanta, Coal India, Tech Mahindra and Infosys.

The top BSE gainers included Reliance Communications which zoomed 13 percent while Indiabulls Ventures added 7 percent. Videocon Industries, Reliance Naval and Reliance Power were the other gainers.

79 stocks hit fresh 52-week high in the afternoon trade including Dabur India, Escorts, Jubilant Foodworks, Hexaware Tech, Kotak Mahindra Bank, Mahindra & Mahindra, Indiabulls Ventures and Hindustan Unilever among others.

The market breadth was in favour of the declines with 791 stocks advancing while 832 declined and 409 remained unchanged. On the other hand, in the BSE, 981 stocks advanced and 955 declined and 82 remained unchanged.

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