Market Update: HPCL, BPCL along with pharma stocks propel Nifty higher; Tech Mahindra falls 4%

The broaderare trading on a positive notethisMondayafternoon, with the Nifty up88points at 10,693and the Sensexgaining255points at 35,179.

The Nifty midcap index continued to shine led by Apollo Tyres, GMR Infra, Havells India, India Cements, Jain Irrigation Systems, CG Power, Jubilant Foodworks, Just Dial, Mcleod Russel, MRF, PFC, Reliance Capital and Voltas among others.

Oil & gas stocks are buzzing led by sharp fall in oil prices with HPCL and BPCL jumping 4-5percent while Indian Oil Corporation zoomed over 6 percent. GAILIndia and ONGC were the other gainers.

Nifty pharma jumped 2.5 percent led by Sun Pharmaceutical Industries which zoomed over7percent followed by Aurobindo Pharma, Lupin and DrReddy’s Labs.

related news NTPC Q4 net profit jumps 40% at Rs 2,926 crore Vascon Engineers rises 11% on strong Q4 numbers Burnpur Cement gains 5% as company narrows losses in Q4

Nifty PSU bank was also trading in the green with gains in Bank of India, Andhra Bank Oriental Bank of Commerce, Indian Overseas Bank andBank of Baroda. Punjab National Bank, Syndicate Bank and State Bank of India were the other gainers.

ICICI Bank, HDFC Bank, Yes Bank and Axis Bank also trading on a positive note in theafternoontrade.

Among the auto names, Apollo Tyres, Eicher Motors, Tata Motors, Maruti Suzuki, MRF and TVS Motor Company.

However, Nifty ITshed2percentdraggedbyTech Mahindra, Infosys, Tata Elxsi, Tata Consultancy Services and HCL Technologies.

The top gainers among Nifty constituents were Sun Pharma, HPCL, Lupin,BPCL and GAIL India.

The most actively traded stocks on the NSE wereJust Dial, Sun Pharma, Tech Mahindra, Tata Consultancy Services and ICICI Bank.

Some of the top gainers on BSE wereJust Dial, Gateway Distriparks, Sun Pharma Advanced Research, Oriental Bank andReliance Naval.

The top losers on BSE werePC Jeweller, Avanti Feeds,Mphasis, Persistent Systems andTech Mahindra.

Bajaj Finserv, Britannia Industries, Jubilant Foodworks,Kotak Mahindra Bank, NELCO and Pidilite Industrieswere some of the stocks that hit fresh 52-week highs inafternoontrade.

On the other hand,54stocks hit a new 52-week low. These includeAban Offshore, Vakrangee, Gammon India and IVRCLamong others.

The breadth of the market favoured advances, with1269stocks advancing,436declining and356remaining unchanged. On BSE, 1785stocks advanced,771declined and151remained unchanged.

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