D-Street Buzz: Nifty IT underperforms dragged by TCS, Infosys, Wipro; PSU banks gain with BoB up 3%

In this last hour of trade, the Indian benchmark indices have turned negative with the Nifty50 down 29 points, trading at 10611 while the Sensex shed 94 points and was trading at 35,403 mark.

Nifty IT was the biggest contributor to the market turning red led by loses from Infosys, Tata Consultancy Services and Wipro which were down over 2 percent each followed by Tech Mahindra, KPIT Tech and Tata Elxsi.

The PSU Bank index was however up over 2 percent led by gains from Bank of India, Bank of Baroda, Indian Bank, Punjab National Bank, Vijaya Bank and State Bank of India.

Nifty Realty was also trading in the green with gains from DLF, Prestige Estates, Sunteck Realty, Unitech, Brigade Enterprises and Phoenix Mills.

From the metal space, the top gainers were Jindal Stainless, Hindalco Industries, NALCO, JSW Steel, SAIL, Tata Steel, Vedanta and Hindustan Copper.

The top gainers from NSE included Vedanta, Grasim Industries, ICICI Bank, BPCL and JSW Steel and while the top losers included NTPC, Infosys, TCS, Wipro and IndusInd Bank.

The most active stocks were TCS, ITC, Reliance Industries, Infosys and YES Bank.

Balrampur Chini Mills, SKF India, Dhampur Sugar Mills and TCNS Clothing have hit new 52-week high in this afternoon session.

177 stocks have hit new 52-week low on the NSE including names like Bharat Bijlee, Clariant Chemicals, LT Food, Dena Bank, Firstsource Solutions, Indo Count Industries, GNFC, Mirza International, Punj Lloyd, Tata Coffee and Welspun India among others.

The breadth of the market favoured the advances with 1047 stocks advancing and 663 declining while 353 remained unchanged. On the BSE, 1380 stocks advanced, 1090 declined and 143 remained unchanged.

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

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