Market Update: Nifty IT outperforms led by Tech Mahindra; Infosys hits new 52-week high, PSU banks drag

The Nifty and the Sensex are trading on a flat to positive note this Wednesday morning with the Nifty flat at 10,768 and the Sensex is trading higher by 50 points at 35,543.

Nifty IT is outperforming the broader indices, up over 1 percent led by stocks like Tech Mahindra, Tata Consultancy Services, HCL Technologies, Infosys and KPIT Technologies.

Oil & gas stocks are weak in the morning trade dragged by Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation which shed over 3 percent each. ONGC is also trading lower by close to a percent while Reliance Industries managed to stay in the green.

PSU banks are trading in the red with loses from Allahabad Bank, IDBI Bank and Syndicate Bank, each shedding 2 percent. The other losers included State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda.

The top gainers among Nifty constituents were Bharti Infratel, Tech Mahindra, TCS, HCL Tech and Infosys.

The most actively traded stocks on the NSE were TCS, RBL Bank, Reliance Industries, Tata Motors and Infosys.

The top losers included BPCL, HPCL, IOC, NTPC and UltraTech Cement.

Some of the top gainers on BSE are Future Consumer, Vakrangee, Gateway Distriparks, Jai Corp and Jubilant Life Sciences.

The top losers included Dilip Buildcon, Kwality, Syndicate Bank, BPCL and HPCL.

Bata India, Godrej Consumer, Hexaware Technologies, IndusInd Bank, Infosys and Jubilant Foodworks are few stocks that hit fresh 52-week high in the morning trade.

On the other hand, 135 stocks hit new 52-week low including names like Amtek Auto, GATI, HCC, Indiabulls Real Estate, Jet Airways, Jain Irrigation, Kwality, NBCC, NTPC, SREI Infra and Union Bank among others.

The breadth of the market favoured declines, with 656 stocks advancing, 921 declining and 467 remaining unchanged. On BSE, 723 stocks advanced, 938 declined and 80 remained unchanged.

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