Market Update: Bank Nifty in red as Axis Bank, BoB shed 2%; DRL jumps 4%, Jubilant Food at fresh 52-week high

The broader indices are trading on a negative note this Friday afternoon with the Nifty down 26 points at 10,781 and the Sensex is trading lower by 94 points at 35,505.

Nifty pharma continues to rally led by Dr Redddy's Labs, Cipla, Glenmark Pharma, Sun Pharma and Lupin.

Nifty IT was trading in the green, as stocks like Tech Mahindra, Tata Consultancy Services, Oracle Financial and Tata Elxsi traded higher.

Bank Nifty was weak in the afternoon trade as Axis Bank, Yes Bank, Bank of Baroda, PNB, Federal Bank and State Bank of India traded lower.

Among the oil & gas names heavy weight Reliance Industries is the only stock in green while ONGC, HPCL and IOC shed half a percent in the afternoon trade.

The top gainers among Nifty constituents were Dr Reddy's Labs, Cipla,  UPL, Sun Pharma and Lupin.

The most actively traded stocks on the NSE were Dr Reddy's Labs, Sun Pharma, Reliance Industries, Lupin and TCS.

Some of the top gainers on BSE were Strides Shasun, Mcleod Russel, RCF, Trident and Dr Reddy's Labs.

Bajaj Finance, Reliance Industries, Jubilant Food, MM Forgings, Tata Elxsi, Torrent Pharma and United Breweries were the few stocks that hit fresh 52-week highs in the afternoon trade.

On the other hand, 33 stocks hit a new 52-week low. These include INOX Wind, Tamil Nadu Newsprint and NTPC among others.

The breadth of the market favoured declines, with 634 stocks advancing, 1049 declining and 371 remaining unchanged. On BSE, 994 stocks advanced, 1475 declined and 141 remained unchanged.

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