Market Update: Over 400 stocks hit new 52-week low on BSE; Nifty midcap, PSU banks fall 2%

The Nifty and the Sensex continues to trade in the red this Wednesday afternoon with the Nifty down 94 points at 10,674 while the Sensex is trading lower by 249 points at 35,241.

The Nifty midcap index slipped over 2 percent dragged by CG Power which tanked 11 percent followed by GMR Infra, IFCI, India Cements, Jain Irrigation Systems, JP Associates, Just Dial, Power Finance Corporation, Siemens and Reliance Power among others.

Auto stocks are also weak with Ashok Leyland down 3 percent while Tata Motors, Bharat Forge, Bosch, TVS Motor and Tata Motors DVR being the other losers.

From the banking space, ICICI Bank is down 4 percent while Yes Bank, RBL  Bank and Axis Bank are the other losers.

Nifty PSU bank is trading lower by 2.5 percent dragged IDBI Bank, Syndicate Bank, Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Punjab National Bank, State Bank of India and Union Bank of India.

Nifty Energy is down over 2 percent with oil & gas stocks slipping in the afternoon trade which includes BPCL and HPCL down 6-8 percent while Indian Oil Corporation, GAIL India and Oil & Natural Gas Corporation are the other losers.

Nifty IT is outperforming the broader indices and all other sectors, up close to a percent led by stocks like Tech Mahindra, Tata Consultancy Services and HCL Technologies.

Nifty Infra is also down over 2 percent dragged by CG Power, Larsen & Toubro, Bharat Heavy Electricals, NBCC, Reliance Communications, Tata Power, Idea Cellular and Adani Power among others.

The top gainers among Nifty constituents were Bharti Infratel, Tech Mahindra, HDFC Bank, Hindustan Unilever and Dr Reddy's Labs.

The most actively traded stocks on the NSE were HDFC Bank, TCS, Reliance Industries, ICICI Bank and HDFC.

The top losers included BPCL, HPCL, IOC, ICICI Bank and UPL which are down up to 8 percent.

Some of the top gainers on BSE are EID Parry, Vakrangee, Tech Mahindra, Jubilant Foodworks and TI Financial Holdings.

The top losers included CG Power which tanked 12 percent followed by JP Associates, SREI Infra, Adani Enterprises and NBCC.

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

On the other hand, 345 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.

On the BSE, 437 stocks have hit fresh 52-week low including names like NBCC, Punj Lloyd, Indocount Industries, Jain Irrigation, Syndicate Bank, SREI Infra and JM Financial among others.

The breadth of the market favoured declines, with 224 stocks advancing, 1518 declining and 321 remaining unchanged. On BSE, 421 stocks advanced, 2172 declined and 107 remained unchanged.

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