CNX IT outperforms led by Tech Mahindra; PSU banks drag, TCS most active

The Indian markets on Wednesday morning were trading on a negative note with the Nifty shedding 40 points or 0.39 percent  while the Sensex was down 137 points.

The Nifty PSU banking index was trading lower by 1.2 percent dragged by Bank of India and Punjab National Bank were fell 2-3 percent while State Bank of India was down 1.3 percent.

CNX IT was the outperforming sector which added 0.4 percent led by Tech Mahindra which gained 1.7 percent followed by Info Edge, Tata Consultancy Services and HCL Tech.

The top Nifty gainers included Tech Mahindra and UltraTech Cement which added over 1 percent each followed by Ambuja Cements, GAIL India and HCL Tech.

 

PSU banks fall up to 4% after increase in PNB fraud amount, RBI discontinues use of LoUs

The top Nifty losers included Bharti Infratel which shed 1.5 percent while ICICI Bank, Adani Ports, Hero Moto and State Bank of India were the other losers.

The most active Nifty stocks included TCS, PNB, Fortis Health, IOC and SBI.

The top Sensex gainers were Kwality which jumped close to 6 percent while Vakrangee was up 5 percent. Videocon, Fortis and Bajaj Hindustan were the other top gainers.

Bajaj Electricals, Rane Holdings and Sundaram Fasteners were three of the few stocks that hit new 52-week high.

47 stocks hit new 52-week low including BEML, Gitanjali Gems and Mcleod Russel among others.

The market breadth was in favour of the declines with 793 stocks advancing while 833 declined and 391 remained unchanged. On the other hand, in the BSE, 1070 stocks advanced and 1171 declined and 128 remained unchanged.

Research and broking firm ICICIdirect.com has recommended buying JSW Steel in the range of Rs 306.00-306.20 and has a sell call on TVS Motor Company in the range of Rs 634.50-635.50.moneycontrol