Market Update: Oil & gas, pharma stocks rally as BPCL, Sun Pharma jump 5-6%; IT stocks drag

The broader�are trading on a positive note�this�Monday�morning, with the Nifty up�64�points at 10,670�and the Sensex�gaining�166�points at 35,090.

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

Nifty pharma jumped 2.5 percent led by Sun Pharmaceutical Industries which zoomed over 6 percent followed by Aurobindo Pharma, Lupin and Dr�Reddy's Labs.

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

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ICICI Bank, HDFC Bank, Yes Bank and Axis Bank also trading on a positive note in the morning trade.

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

However, Nifty IT�shed�1�percent�dragged�by�Tech Mahindra, Tata Elxsi, Tata Consultancy Services and HCL Tech.

The top gainers among Nifty constituents were IOC, Sun Pharma and BPCL which jumped over 6 percent each while HPCL and Lupin were the other gainers.

The most actively traded stocks on the NSE were Sun Pharma, PC Jeweller, IOC, Tech Mahindra and HPCL.

Some of the top gainers on BSE were Jet Airways, Gateway Distriparks, IOC, Sun Pharma Advanced Research and BPCL.

The top losers on BSE were�PC Jeweller, Avanti Feeds, Cadila Healthcare, Tech Mahindra and NIIT Tech.

Bajaj Finserv, Britannia Industries, Jubilant Foodworks,�Kotak Mahindra Bank, NELCO and Pidilite Industries�were some of the stocks that hit fresh 52-week highs in�morning�trade.

On the other hand,�41�stocks hit a new 52-week low. These include�Aban Offshore, Vakrangee, Gammon India and IVRCL�among others.

The breadth of the market favoured advances, with�1153�stocks advancing,�415�declining and�481�remaining unchanged. On BSE,�1345�stocks advanced, 457 declined and�88�remained unchanged.