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The Indian benchmark indices are trading on a flat to positive note this Wednesday afternoon with the Nifty adding 3 points and is trading at 10,951 mark. The Sensex is trading higher by 21 points at 36,261.
At 12:10 hrs, the IT index including the BSE and NSE outperformed and is trading higher by over 1.5 percent. From the BSE, Bharti Infratel (4.15 percent), Tata Consultancy Services (3.57 percent), HCL Technologies (1.22 percent) and Tech Mahindra (1.18 percent) led the sector rally.
The top IT gainers from NSE included Tata Consultancy Services, KPIT Technologies, Tech Mahindra, Wipro, HCL Tech and Mindtree, which are up over 2 percent.
However, Nifty metal underperformed all other indices, down close to 3 percent dragged by Jindal Steel & Power, NALCO, SAIL, Tata Steel, Hindustan Zinc, Hindalco Industries, Vedanta, Coal India and JSW Steel.
From the BSE smallcap index, Ujjas Energy continues to rally, up over 15 percent followed by Setco Automotive, Shilpa Medicare, Premier Explosive and EROS International Media among others.
Individual FMCG stocks are buzzing this afternoon with Godrej Consumer up close to 5 percent while Dabur India and Hindustan Unilever added 1 percent each. ITC, Jubilant Food and Proctor & Gamble are the other gainers.
From the PSU banking space, IDBI Bank zoomed over 6 percent after news of LIC-IDBI Bank deal may trigger an open offer, reports CNBC-TV18 quoting government official.
But the index itself is lower by 1.5 percent dragged by Allahabad Bank, Andhra Bank, Bank of India, Punjab National Bank, State Bank of India and Union Bank of India which are down up to 3 percent.
The top gainers among Nifty constituents were Bharti Infratel and TCS which are up 3-4 percent followed by Indiabulls Housing Finance, Bajaj Auto and Axis Bank which added over 1 percent each.
The most actively traded stocks on the NSE are TCS, HDFC, Reliance Industries, IDBI Bank and Infosys.
The top losers included names like Vedanta, Hindalco, Coal India, UPL and Tata Motors.
Some of the top BSE gainers include names like IDBI which zoomed 6 percent while PNB Housing Finance, Adani Enterprises, Vakrangee and Info Edge are the other gainers.
The top losers are Ramco Cement which is down 4 percent while JSPL, Hindustan Zinc, Union Bank of India and SAIL are the other losers.
Asian Paints, Exide Industries, Jubilant Foodworks, HUL, KPIT Tech, L&T Infotech, Marico and Tata Elxsi are some of the very few stocks that hit fresh 52-week high in the afternoon trade.
The breadth of the market favoured declines, with 683 stocks advancing, 972 declining and 406 remaining unchanged. On BSE, 1035 stocks advanced, 1289 declined and 132 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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