Market Update: PSU banks down 1%; midcap underperforms, Bajaj Finance, RIL, ITC most active

The market trading lower in the afternoon trade with Nifty slipped below 10,650 and Sensex shed over 150 points at 35075.55.

Barring metal and pharma all the other sectoral indices were trading lower with Bank Nifty and PSU banking index were down 1 percent.

Bank Nifty was trading in the red as stocks like Bank of Baroda down 4 percent followed by Federal Bank, HDFC Bank, Kotak Mahindra Bank and SBI.

Among the infra stocks, NBCC was down 3.6 percent followed by Adani Power, Power Grid, NHPC and Reliance Communications.

The Nifty midcap index underperforms dragged by CG Power, Bharat Financial, Ashok Leyland, Hindustan Zinc and IFCI.

Asian Paints, HDFC Bank, Bharti Airtel, Power Grid Corp and HUL are the top gainers on the Nifty, while losers are Indiabulls Housing Finance, GAIL, Asian Paints, Bharti Airtel and HDFC Bank.

The most actively traded stocks on the BSE were Bajaj Finance, Reliance Industries, ITC, Kotak Mahindra Bank and HDFC Bank.

Ambuja Cements, Allcargo Logistics, Atlanta, Apollo Hospitals Enterprise, Brigade Enterprises, Gammon India and Gujarat Mineral Development Corporation were some of the stocks that hit fresh 52-week low in afternoon trade.

The breadth of the market favoured declines, with 616 stocks advancing, 1928 declining and 156 remaining unchanged. On BSE, 341 stocks advanced, 1369 declined and 356 remained unchanged.