D-Street Buzz: Nifty Pharma outperforms as Dr Reddy's Labs jumps 7%; IT stocks drag, NTPC hits new 52-week low

After witnessing sell off in the US markets, the Indian stock market was trading on a weak note in this morning session with the Nifty50 down 3 points, trading at 10,652 while the Sensex shed 67 points at 35,407.

Nifty IT since yesterday has remained the biggest drag to the market weakness led by HCL Tech, Infosys, Mindtree, Tech Mahindra, KPIT Tech and Wipro.

The top metal losers were JSW Steel, Hindalco Industries, Jindal Steel & Power, NALCO, Vedanta and Tata Steel.

Bank Nifty is trading in the green with gains from YES Bank, Kotak Mahindra Bank, State Bank of India, Bank of Baroda and Axis Bank.

Following plunge in global oil prices, Nifty Energy has managed to gain half a percent led by BPCL, HPCL, Indian Oil Corporation and ONGC.

Pharma stocks were also buzzing led by Dr Reddy's Labs, Glenmark Pharma, Cipla and Aurobindo Pharma.

From the BSE midcap space, the top gainers included Wockhardt, Berger Paints and Adani Transmission while the top losers were L&T Infotech, GSK Pharma and Max Financial Services.

From the BSE smallcap space, the top gainers were Minda Corp, Forbes & Company and SpiceJet while the losers included Ashapura Intimates Fashion, IL&FS Engineering and Uttam Sugar among others.

The top gainers from NSE include Dr Reddy's Labs which spiked 7 percent followed by HPCL, BPCL, IOC and Asian Paints.

The top losers included Infosys, HCL Tech, Tech Mahindra, Tata Consultancy Services and Eicher Motors.

The most active stocks were YES Bank, Suzlon Energy, Reliance Communications, JP Associates and Indian Oil Corporation.

Aarti Industries and Birla Cable were some of the few stocks which hit new 52-week high on the NSE.

27 stocks have hit new 52-week low including names like ABG Shipyard, Hexaware Technologies, Deepak Fertilizers, NTPC, SAIL and Empee Distilleries among others.

The breadth of the market favoured the advances with 865 stocks advancing and 633 declining while 536 remained unchanged. On the BSE, 819 stocks advanced, 583 declined and 66 remained unchanged.

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

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