Nifty at 10,700 mark; Kotak Mahindra Bank stocks lead

Sensex, Nifty trade almost flat backed by buying in select private bank, FMCG, financial and auto stocks during afternoon trade on Wednesday.  Heavy selling in metal, IT, FMCG and Teck stocks restricted the gains.

At 2:30 PM, the BSE Sensex was trading at 35,165.68, up 5.32 points, while the NSE Nifty50 index was trading at 10,723.20 down 16 points. The BSE Midcap and SmallCap were down by 1.14% and 0.97% respectively.

SAIL stock fell 5.28% after 30.00 lakh shares changed hands in a block, while shares of Kotak Mahindra Bank zoomed 4.23% on the back of heavy volumes.

Nifty IT index was in the red  down by 1.61%  with shares of Infosys, TCS, Wipro, Tech Mahindra, Infibeam on account of losses in heavyweights including HCL Technologies (down 4.38%) during afternoon trade on Wednesday. 

Kotak Mahindra Bank (+4.23%), Zee Entertainment Enterprises Limited (+2.51%), ITC Ltd (+2.11%), Asian Paints (+1.68%), HDFC Bank (+1.60%) were the top gainers on Nifty50.

HCL Tech (-4.55%), Vedanta (-4.32%), Hindalco (-2.89%), Tata Steel (-2.77%) and Sun Pharma  (-2.73%) were the top losers at this point.