D-Street Buzz: TCS, Infosys fall 3% as Nifty IT underperforms; DLF jumps 4%, PSU banks gain

The Indian benchmark indices have recovered some lost ground in this afternoon session but is still trading in the red with the Nifty50 down 37 points, trading at 10,618 while the Sensex shed 187 points at 35,287.

Nifty IT continues to remain the biggest underperformer, down 2.5 percent in this session led by Tata Consultancy Services, HCL Tech, Infosys, Mindtree, Tech Mahindra, KPIT Tech, Tata Elxsi and Wipro.

Nifty Energy shed 1 percent dragged by Reliance Industries which shed 2 percent and Power Grid was trading lower by 3 percent. On the other hand, BPCL, HPCL and Indian Oil Corporation traded in the green.

PSU banks are up led by Bank of Baroda, Bank of India, Canara Bank, Oriental Bank of Commerce, Union Bank of India and State Bank of India.

Pharma stocks were also buzzing led by Dr Reddy’s Labs, Aurobindo Pharma, Glenmark Pharma and Sun Pharma.

From the real estate space, the top gainers were DLF, Indiabulls Real Estate and Oberoi Realty.

The top gainers from NSE include Dr Reddy’s Labs which spiked 6 percent followed by YES Bank, Grasim Industries, Bajaj Finserv and UPL.

The top losers included Infosys, Tech Mahindra, Tata Consultancy Services, Zee Entertainment and HCL Tech.

The most active stocks were YES Bank, Dr Reddy’s Labs, Infosys, Reliance Industries and ICICI Bank.

Aarti Industries, Adani Gas and Birla Cable were some of the few stocks which hit new 52-week high on the NSE.

67 stocks have hit new 52-week low including names like ABG Shipyard, Hexaware Technologies, Deepak Fertilizers, NTPC, SAIL and Empee Distilleries among others.

The breadth of the market favoured the advances with 847 stocks advancing and 835 declining while 378 remained unchanged. On the BSE, 1164 stocks advanced, 1293 declined and 150 remained unchanged.

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

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