D-Street Buzz: Nifty PSU bank underperforms with IDBI Bank down 6%; RIL hits new record high, Wipro gains 2%

After hitting record high yesterday, the Indian benchmark indices including the Sensex has turned weak and is trading higher by 16 points at 36,569 while the Nifty is trading lower by 5 points at 11,017.

Nifty IT is the outperforming sector this Friday morning led by Infosys which is scheduled to report its Q1 number later in the day. The other gainers include KPIT Technologies, Wipro, Tata Consultancy Services, Mindtree, Tata Elxsi and Tech Mahindra.

At 10:14 hrs, the Energy index is trading higher by half a percent which is pulled up by Reliance Industries, gaining 1.5 percent.

PSU banks are down in the morning trade dragged by IDBI Bank which tanked 6 percent followed by Andhra Bank, Bank of Baroda, Canara Bank, State Bank of India, Punjab National Bank and Oriental Bank of Commerce.

The top gainers among Nifty constituents were Wipro which added 2 percent while Infosys and Reliance Industries are up 1.5 percent each Kotak Mahindra Bank and Bajaj Finance are the other gainers.

The most actively traded stocks on the NSE are TCS, Reliance Industries, HCL Tech, Infosys and Fortis Healthcare.

The top losers included names like Bharti Infratel and UPL which are down 3 percent each followed by HCL Tech, State Bank of India and HPCL.

Some of the top BSE gainers include names like Sadbhav Engineering which jumped 4 percent while Mphasis, Wipro, Linde India and IPCA Labs added 2-3 percent.

The top losers are IDBI and GNFC which shed 6 percent each followed by Hathway Cable, Karnataka Bank and Kwality.

Bajaj Finserv, Bajaj Finance, Britannia Industries, HDFC Bank, Hindustan Unilever, Kotak Mahindra Bank, Mphasis and Reliance Industries are some of the very few stocks that hit fresh 52-week high in the morning trade.

On the other  hand, 74 stocks have hit fresh 52-week low including Andhra Bank, Bank of India, Bharat Heavy Electricals, DEN Networks, Dena Bank, Hathway Cable, Kwality, Tata Power, Union Bank of India, UPL and Vedanta among others.

The breadth of the market favoured declines, with 441 stocks advancing, 1164 declining and 445 remaining unchanged. On BSE, 607 stocks advanced, 1254 declined and 80 remained unchanged.

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