Market Update: IT stocks rally led by TCS; PSU banks drag as PNB, BOI fall 2-5%; Indigo hits new 52-week high

The Indian equity market was trading on a negative note on Friday afternoon with the Nifty shedding 21 points was trading at 10,543 while the Sensex was down 58 points or 0.17 percent.

The Nifty IT index jumped close to 4 percent outperforming the broader indices and all other sectors led by Tata Consultancy Services which added over 6 percent while HCL Tech gained 3.7 percent. Tata Elxsi, KPIT Tech, Infosys, Tech Mahindra and Wipro were the other gainers.

Nifty PSU Bank was down 2.5 percent as stocks like OBC shed 3.63 percent while PNB was down over 2 percent. Andhra Bank, Canara Bank, Bank of India, Union Bank of India and State Bank of India were the other losers.

CNX Energy index was trading lower by over 1 percent dragged by GAIL India, Tata Power Company and Reliance Industries, each falling by 1 percent.

The top Nifty gainers included TCS which jumped over 6 percent while Infosys was up 3 percent. HCL Tech, Tech Mahindra and Tata Motors were the other gainers.

The most active Nifty stocks included Tata Consultancy Services, Infosys, Hindalco Industries, Bharat Petroleum Corporation and Yes Bank.

The top Nifty losers were Yes Bank which shed 3 percent followed by Bajaj Finance which was down 2.7 percent. Vedanta, Tata Steel and State Bank of India were the other losers.

The top BSE gainers included Welspun India which was up 8.3 percent while Chambal Fertilizer was up 6.86 percent. TCS, Strelite Tech and Cyient were the other gainers.

Tata Steel, Bank of India, Canara Bank, IDBI Bank and Union Bank of Indiawere some of the BSE stocks which traded lower.

32 stocks hit fresh 52-week high including TCS, Ashok Leyland, Cyient, Interglobe Aviation, HCL Tech, Hexaware Tech, KPIT Tech, Mindtree, Nestle, Pidilite, Tata Elxsi and Tech Mahindra among others.

The market breadth was in favour of the declines with 649 stocks advancing while 1025 declined and 374 remained unchanged. On the other hand, in the BSE, 961 stocks advanced and 1403 declined and 113 remained unchanged.