Market Update: Banks gain with ICICI Bank up 1%, Tech Mahindra top gainer; Federal Bank plunges 11%

The Indian equity market was trading on positivenote on Thursday morning with the Niftyadding 24 points and was trading at 10,766 while the Sensex wasup116points or 0.34 percent.

Bank Nifty was marginally up led by stocks like ICICI Bank which added over 1 percent while Punjab National Bank was up 0.5 percent.

However, the stock that dragged was Federal Bank which tanked 11 percent in early tradeafter 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.

CNX IT was up close to 1 percent led by Tech Mahindra which was up close to 2 percent followed by HCL Tech, Mindtree, KPIT Tech and Tata Consultancy Services.

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The top Nifty gainerswere Tech Mahindra which gained 1.7 percent followed by Zee Entertainment which added 1 percent.ICICI Bank, Bharti Airtel and Lupin were the other gainers.

The most active Nifty stocks included Federal Bankwhichplunged 11 percentwhile PC Jeweller jumped 3 percent. TCS,ICICI Bank and Axis Bank were the other active stocks.

The top Nifty losers were Grasim Industries which shed1.5 percent whileIndiabulls Housing Finance, Power Grid,Dr Reddy’s Labs and Indian Oil Corporation were the other losers.

The top BSE gainers includedFuture Consumer which jumped 7.5percent whileCox & Kings and Future Retail were up 5 percent. Future Lifestyle Fashions and Rattan India were the other gainers.

The top BSE losers included names like Federal Bank whichdipped12 percent while HCC and Navin Flourine were down 3 percent each. Reliance Communications and Balrampur Chini were the other losers.

Future Lifestyle, Indiabulls Ventures, Khadimand Mahindra Logistics were some of thestocks that hit fresh 52-week high in themorning trade.

On the other hand, 48 stocks hit new 52-week low including names likeAmbuja Cements, Capital First, Idea Cellular, IDFC Bankand Vakrangee among others.

The market breadth wasin favour of the advances with861 stocks advancing while676 declined and 494 remained unchanged. On the other hand, in the BSE, 969 stocks advanced and742 declined and 63 remained unchanged.

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