D-Street Buzz: PSU banks drag as BoB falls 2%; Weak rupee helps IT stocks gain led by Mindtree

The Indian stock market are trading on a weak note this Monday  morning with the Nifty50 down 110 points and is trading at 11,404 while the Sensex is trading lower by 361 points at 37,729.

PSU bank index is down close to 2 percent dragged by Union Bank of India which is down 3 percent followed by Bank of Baroda, State Bank of India and Punjab National Bank.

Oil & gas stocks are trading in the red with loses from Reliance Industries, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation.

With rupee sliding 1 percent in the morning trade, sectors like IT and pharma are up led by Mindtree, Wipro, HCL Tech, KPIT Tech, Divis Labs, Glenmark Pharma and Dr Reddy's Labs.

From the BSE smallcap space, sugar stocks have taken the pole position led by Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar and Avadh Sugar which zoomed 15- 20 percent after government approved hiking the price of ethanol produced directly from sugarcane juice for blending in petrol by 25 percent last Wednesday.

Wipro, HCL Tech, Eicher Motors, Tech Mahindra and Dr Reddy's Labs are the top gainers on the Nifty.

The most active stocks include Balrampur Chini, YES Bank, Divis Labs, Axis Bank and Infosys.

The top losers are Indiabulls Housing Finance, Titan Company, UltraTech Cement, Asian Paints and State Bank of India which are down 1-2 percent.

The top BSE gainers include Balrampur Chini, Himadri Speciality Chemical, INOX Wind, Jindal Stainless and Can Fin Homes among others.

The top losers include Kwality, IL&FS Transport, Manappuram Finance, KEI Industries and Indiabulls Housing Finance.

Monnet Ispat, Divis Labs and Universal Cables are few stocks which hit new 52-week high this Monday morning.

On the other hand, 46 stocks have hit new 52-week low including names like Ashoka Buildcon, IL& FS Transport and JK Tyre among others.

The breadth of the market favoured declines, with 519 stocks advancing, 1056 declining and 484 remaining unchanged. On BSE, 700 stocks advanced, 1075 declined and 97 remained unchanged.

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