D-Street Buzz: IT, pharma stocks underperform led by HCL Tech, Sun Pharma; SBI most active

A complete U-turn as the the Indian stock market has turned negative in this afternoon session with the Nifty50 down 41 points, trading at 10,541 while the Sensex shed 128 points at 35,016.

Nifty IT and pharma were down over 2.5 percent dragged by HCL Tech, Infosys, TCS and Tech Mahindra from the IT space and Sun Pharma, Lupin, Glenmark Pharma and Divis Labs from the pharma space.

Realty stocks are also weak dragged by DLF, Oberoi Realty and Prestige Estates.

Oil & gas stocks are up with gains from BPCL, HPCL, Indian Oil Corporation and ONGC while Reliance Industries on the other hand has turned into the red, down 1 percent.

From the BSE midcap space, the top gainers were Adani Transmission and AU Small Finance Bank while the top losers were PAGE Industries, Cholamandalam Investment and Glenmark Pharma.

From the BSE smallcap space, the top gainers were Newgen Software Tech and Tata Investment while the losers included Balasore Alloys and MIRC Electronics.

The top gainers from NSE include HPCL, BPCL, ONGC, IOC, and UPL.

The top losers included Sun Pharma, HCL Tech, Tech Mahindra, GAIL India and Kotak Mahindra Bank.

The most active stocks are SBI, HDFC Bank, Tata Steel, ICICI Bank and Sun Pharma.

ICICI Bank, Gujarat Fluorochemicals and SMS Lifesciences are some of the few stocks which hit new 52-week high on the NSE.

28 stocks have hit new 52-week low including names like ABG Shipyard, Sun Pharma Advanced Research Company, CG Power and Industrial Solutions and Sumeet Industries.

The breadth of the market favoured the declines with 701 stocks advancing and 976 declining while 379 remained unchanged. On the BSE, 1129 stocks advanced, 1388 declined and 132 remained unchanged.

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