Market Update: Nifty IT underperforms dragged by Infosys, TCS; HDFC Bank, Dr Reddy's Labs most active

The broader indices are trading on a negative note this Thursday morning with the Nifty shedding 52 points at 10,804 and the Sensex is down 162 points at 35,576.

Nifty IT was trading in the red, dragged by Tata Consultancy Services, Infosys, Tech Mahindra and Mindtree.

Bank Nifty also down as ICICI Bank, Axis Bank, State Bank of India and Punjab National Bank traded lower.

Dish TV jumped in the morning trade after ace investor Rakesh Jhunjhunwala picked up 0.7 percent stake for Rs 92.6 crore

Oil & gas stocks are trading in the red as HPCL, IOC and Reliance Industries shed up to 1 percent in the morning trade.

Media stocks are weak dragged by Eros International, Jagran Prakashan and TV18 Broadcast. However, Siti Cable jumped over 5 percent.

The top gainers among Nifty constituents were HCL Tech, Cipla, Tata Steel, HDFC Bank and Bharti Airtel.

The most actively traded stocks on the NSE were HDFC Bank, TCS, Tata Steel, PC jeweller and Dr Reddy's Labs.

Some of the top gainers on BSE were JP Associates, MMTC, PC Jeweller, NALCO and Sintex Industries.

Bandhan Bank, GSK Pharma, MM Forgings and NALCO were the few stocks that hit fresh 52-week highs in the morning trade.

On the other hand, 33 stocks hit a new 52-week low. These include HAL and Videocon Industries among others.

The breadth of the market favoured declines, with 587 stocks advancing, 993 declining and 469 remaining unchanged. On BSE, 798 stocks advanced, 1156 declined and 96 remained unchanged.

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