Market Update: Midcaps bleed the most dragged by Biocon, GMR Infra; RIL, Maruti top gainers

The broader indices are trading on a negative note this Tuesday afternoon with the Nifty down 72 points at 10,556 and the Sensex trading lower by 202 points at 34,809.

The Nifty midcap index was down close to 2 percent dragged by Biocon, GMR Infra, IDBI Bank, IFCI, India Cements, JP Associates, JSW Energy, Just Dial, Reliance Capital, Strides Shasun and Voltas.

The IT index was also in the red with KPIT Tech down 7 percent followed by Infibeam, Tata Elxsi, Tata Consultancy Services and HCL Tech.

Nifty Realty was trading weak as HDIL plunged 10 percent followed by Indiabulls Real Estate, Unitech and Brigade Enterprises.

Telecom stocks where also down in the afternoon trade as Idea Cellular was down 10 percent while Reliance Communications and Bharti Airtel were the other losers.

Media stocks were also in bear grip as stocks like EROS International Media shed 6.7 percent followed by DEN Networks, SUn TV, Network18 and TV18 Broadcast among others.

The top gainers among Nifty constituents were Cipla, Reliance Industries, Bajaj Finance, HDFC and Maruti Suzuki.

The most actively traded stocks on the NSE were PC Jeweller, Just Dial, Biocon, Reliance Industries and HDFC Bank.

Some of the top gainers on BSE were Lakshmi Vilas Bank, Intellect Design, Balrampur Chini, Tata Global Beverage and Cipla.

Biocon, Firstsource Solutions and Pfizer were some of the stocks that hit fresh 52-week highs in afternoon trade.

On the other hand, 378 stocks hit a new 52-week low. These include ACC, Ajanta Pharma, BHEL, GE T&D, Granules India, HCL Infosystems, HDIL, IDFC Bank, India Cements, JK Tyre, Kwality, Mcleod Russel, PTC India Financial, Titagarh Wagons and Unitech among others.

The breadth of the market favoured declines, with 231 stocks advancing, 1507 declining and 314 remaining unchanged. On BSE, 426 stocks advanced, 2209 declined and 99 remained unchanged.

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