Market Update: Nifty pharma outperforms led by Dr Reddy's; RCom jumps 3%, metals drag

The Indian benchmark indices are trading on a flat note this Wednesday morning with the Nifty adding 2 points and is trading just above the 10,700 mark. The Sensex is trading higher by 6 points at 35,384.

Nifty pharma is up close to a percent led by stocks including Cadila Healthcare, Dr Reddy's Labs, GSK Pharma, Lupin and Sun Pharmaceutical Industries.

Metal stocks are weak this morning dragged by stocks like Hindalco Industries, Hindustan Zinc, NALCO and Steel Authority of India, each shedding between 1-2 percent.

PSU banks are also down with PNB shedding 1 percent while Allahabad Bank, Andhra Bank, State Bank of India, Syndicate Bank and Union Bank of India being the other losers.

Nifty auto is marginally down with Ashok Leyland down over a percent while Hero MotoCorp and Mahindra & Mahindra are the other losers.

Reliance Industries is trading higher by 1 percent and has managed to keep Nifty energy in the green. GAIL India, HPCL and ONGC are the top oil & gas losers.

From the FMCG space, Colgate Palmolive is up 1 percent while Dabur India, ITC, Tata Global Beverage and United Breweries traded lower.

From the telecom space, Reliance Communications jumped 3 percent while on the other hand, Bharti Airtel is down 1 percent.

The top gainers among Nifty constituents were Lupin, Power Grid, Dr Reddy's Labs, Sun Pharma and HDFC.

The most actively traded stocks on the NSE are Shriram Transport Finance which is down close to 10 percent followed by HDFC, Reliance Industries, Cipla and Lupin.

The top NSE losers included Bharti Airtel, Vedanta, Hindalco Industries, Grasim Industries and Zee Entertainment.

Some of the top gainers on BSE are PNB Housing Finance, Reliance Communications, Dena Bank, Sobha and Reliance Naval which added 2-4 percent.

The top losers included Shriram Transport, Vakrangee, Kwality, Shriram City Union and SREI Infra.

GSK Pharma, Godrej Consumer and HEG are some of the very few stocks that hit fresh 52-week high in the morning trade.

On the other hand, 78 stocks have hit new 52-week low including Finolex Industries, HPCL, HUDCO, Kwality, Mangalam Cement, Max Financial and Tata Motors among others.

The breadth of the market favoured declines, with 644 stocks advancing, 919 declining and 484 remaining unchanged. On BSE, 693 stocks advanced, 857 declined and 64 remained unchanged.

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