D-Street Buzz: Over 140 stocks hit new 52-week low on BSE; PSU banks drag, DEN Networks falls 10%

After hitting record high yesterday, the Indian benchmark indices including the Sensex has turned weak although it is trading higher by 71 points at 36,619 while the Nifty is trading higher by 3 points at 11,026.

The midcap index is down 1 percent dragged by CG Power, GMR Infra, IFCI, India Cements, Jain Irrigation Systems, JP Associates, Just Dial, Karnataka Bank, PFC, Reliance Power and Voltas among others.

Nifty IT is the outperforming sector this Friday afternoon 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 and Oracle Financial.

At 11:55 hrs, the Energy index is trading higher by half a percent which is pulled up by Reliance Industries, gaining 1.5 percent followed by BPCL.

PSU banks are down in the afternoon trade dragged by IDBI Bank which tanked 5 percent followed by Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, State Bank of India, Punjab National Bank and Oriental Bank of Commerce.

The top gainers among Nifty constituents were Coal India, Infosys, Reliance Industries, Wipro and Kotak Mahindra Bank. .

The most actively traded stocks on the NSE are Reliance Industries, Infosys, Axis Bank, TCS and HCL Technologies.

The top losers included names like UPL which are down 5 percent followed by Axis Bank, Bharti Infratel, HCL Tech and Grasim Industries.

Some of the top BSE gainers include names like Mphasis, Adani Enterprises, Sadbhav Engineering, Finolex Cables and Shriram Transport Finance.

The top losers are Hathway Cable which tanked 10 percent followed by Karnataka Bank, DEN Networks, GNFC and IIFL.

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 afternoon trade.

On the other  hand, 94 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.

On the BSE, 140 stocks have hit new 52-week low including DEN Networks, Hathway Cables, UPL, JBF Industries, Kwality, JK Cement, Bank of India, REC, HDIL, Mangalam Cement, Federal Bank and BHEL among others.

The breadth of the market favoured declines, with 437 stocks advancing, 1238 declining and 381 remaining unchanged. On BSE, 652 stocks advanced, 1592 declined and 123 remained unchanged.

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