Market Update: Nifty midcap underperforms as JP Associates, GMR Infra fall; RComm tanks 6%, ONGC top gainer

The Indian equity market was trading on flat note and shed the morning gains with the Nifty shedding 6 points and was trading at 10,734 while the Sensex was up 12 points or 0.04 percent.

The midcap index was down 1.3 percent dragged by GMR Infra, IFCI, JP Associates, Jain Irrigation, Petronet, SAIL  and Reliance Power among others.

Reliance Communications fell over 6  percent while Idea Cellular was down 3.5 percent. TV18 Broadcast along with Siti Cable shed 2-3 percent in the afternoon trade.

Metal stocks were also trading lower, the biggest drag being Jindal Steel & Power which plunged 7 percent while Bhushan Steel shed 5 percent.

Federal Bank continued to trade weak, down 12 percent after it reported 43.5 percent year-on-year (YoY) drop in net profit at Rs 145 crore for the March quarter because of an increase in provisions and worsening asset quality.

The top Nifty gainers were ONGC which gained 1.9 percent followed by Coal India, Zee Entertainment which added 1 percent each. Bharti Airtel and Tech Mahindra were the other gainers.

The most active Nifty stocks included Federal Bank which plunged 12 percent while PC Jeweller jumped 3.5 percent. TCS, IndusInd Bank and Jindal Steel & Power were the other active stocks.

The top Nifty losers were Power Grid which was down 2.8 percent while Indiabulls Housing Finance was down 2 percent. Dr Reddy's Labs, Tata  Motors and Tata Steel were the other losers.

The top BSE gainers included Future Consumer which jumped 4.5 percent while Cyient, PC Jeweller, Chennai Petro and Rattan India were the other gainers.

The top BSE losers included names like Federal Bank which dipped 12 percent while Jindal Saw, Jindal Steel & Power, Linde India and Reliance Communications were the other losers.

Future Lifestyle, Indiabulls Ventures, Khadim and Mahindra Logistics were some of the stocks that hit fresh 52-week high in the morning trade.

On the other hand, 82 stocks hit new 52-week low including names like Ambuja Cements, Capital First, Idea Cellular, IDFC Bank and Vakrangee among others.

The market breadth was in favour of the declines with 493 stocks advancing while 1162 declined and 390 remained unchanged. On the other hand, in the BSE, 850 stocks advanced and 1562 declined and 113 remained unchanged.