Market Update: Nifty midcap underperforms dragged by CG Power; SBI falls 2%, Hindalco top loser

Mumbai: People look at a screen displaying the stock prices on the facade of the Bombay Stock Exchange (BSE) building in Mumbai on Monday. The market plunged by over 100 points in early trade at the begining of the year. PTI Photo by Mitesh Bhuvad (PTI1_2_2017_000042B)

The broader indices have extended their morning loses are trading on a negative note this Tuesday afternoon with the Nifty down 67 points at 10,732 and the Sensex is trading lower by 189 points at 35,358.

Nifty midcap was trading lower by over 1 percent but individual stocks are buzzing with Bata India and Mcleod Russel India among others. The top midcap losers included names like CG Power, CESC, Ashok Leyland, GMR Infra, Godrej Industries, IFCI, India Cements and JP Associates among others.

Among the auto names the top losers included TVS Motor, Maruti Suzuki, Mahindra & Mahindra and Ashok Leyland among others.

Bank Nifty is also weak in the afternoon trade with State Bank of India down 2 percent while Federal Bank, ICICI Bank, IDFC Bank, Punjab National Bank and RBL Bank were the other losers.

Oil & gas stocks are also trading in the red with BPCL, HPCL and Indian Oil Corporation being the top losers, shedding 2 percent each. Reliance Industries shed 1 percent.

From the FMCG space, liquor stocks are up with United Breweries and United Spirits gaining half a percent each. The biggest sectoral drag is Tata Global Beverage which is down over 3 percent.

IT stocks are also weak with Infosys down close to 2 percent followed by HCL Technologies, Mindtree, Oracle Financial Services and Wipro.

Metal stocks are trading weak, shedding 1.5 percent with Hindustan Copper, Hindalco Industries, Jindal Steel & Power, SAIL, NMDC and Vedanta being the top losers.

The top gainers among Nifty constituents were GAIL India, Bajaj Finance, HDFC Bank, Bharti Airtel and ONGC.

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

The top losers included Hindalco Industries, Vedanta, BPCL, HPCL and IOC.

Some of the top gainers on BSE were Gateway Distriparks, Vakrangee, Marksans Pharma, UCO Bank and Persistent Systems.

Borosil Glass, Bata India, Khadim, Relaxo Footwears, United Breweries and Torrent Pharma were the few stocks that hit fresh 52-week highs in the afternoon trade.

On the other hand, 85 stocks hit a new 52-week low. These include Can Fin Homes, CG Power, HCC, Bharti Infratel, INOX Wind, MRPL, NHPC, Tata Power and Vedanta among others.

The breadth of the market favoured declines, with 378 stocks advancing, 1287 declining and 389 remaining unchanged. On BSE, 625 stocks advanced, 1768 declined and 112 remained unchanged.

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