Market Update: Heavy weights including RIL, Axis, TCS gain; Arvind jumps 5%, BPCL down 2%

The Indian equity market extended the morning gains and was trading on a positive note on Wednesday afternoon with the Nifty adding 36 points and was trading at 10,754 while the Sensex was up 148 points or 0.42 percent.

The Nifty IT index outperformed, adding 0.5 percent led by Tata Consultancy Services and Tata Elxsi which added 1.5 percent each followed by HCL Tech and Oracle Financial Services.

Reliance Indiustries from the oil & gas space added over 1 percent while Bharat Petroleum Corporation was down over 2 percent.

Axis Bank was trading higher by 1 percent while Yes Bank added 1.5 percent in the afternoon trade. HDFC Bank was trading higher by 0.5 percent while IndusInd Bank was up close to 1 percent.

From the auto space, Tata Motors jumped 3 percent as company's wholly owned subsidiary Jaguar Land Rover (UK) has posted robust sales numbers in April 2018. Jaguar Land Rover reported total retail sales of 45,180 vehicles in April 2018, up 11.9 percent year-on-year.

The top Nifty gainers apart from Tata Motors included Titan Company and Bharti Infratel which added 1.5 percent followed by Yes Bank and Tata Steel.

The most active Nifty stocks included PC Jeweller which shed close to 1 percent. Jubilant Foodworks, Tata Motors and ICICI Bank  were the other active stocks.

Arvind was the other active stock which was up 5 percent after it reported 18 percent jump in its Q4 (Jan-March) net profit to Rs 115.47 crore on the back of better operational performance.

The company had posted net profit of Rs 97.71 crore in March 2017. Revenue of the company increased by 21 percent at Rs 2989.99 crore against Rs 2465.89 crore.

The top Nifty losers were BPCL which shed over 2 percent while UltraTech, Cement, HPCL, Bajaj Finance and Wipro were the other losers.

The top BSE gainers included Sintex Industries which zoomed 8 percent followed by Linde India, Mahindra Holidays & Resorts, Firstsource Solutions and Indiabulls Ventures.

The top BSE losers included names like EID Parry which was down 5.22 percent while TIME Technoplast shed 4 percent. Greaves Cotton, Dalmia Bharat and Reliance Infra were the other losers.

Firstsource, KPIT Tech, Bombay Dyeing, Divis Labs, Manappuram Finance and Relaxo Footwears were few of the stocks that hit fresh 52-week high in the afternoon trade.

On the other hand, 74 stocks hit new 52-week low including names like Alok Industries, Chennai Petro, EROS International, HUDCO, NBCC, MRPL and Vakrangee among others.

The market breadth was in favour of the declines with 772 stocks advancing while 900 declined and 370 remained unchanged. On the other hand, in the BSE, 1190 stocks advanced and 1396 declined and 131 remained unchanged.