Nifty, Sensex Top Gainers & Losers: Tech Mahindra, Hindalco end as top gainers; Nestle India top laggard for 2nd day in row

Nifty, Sensex Gainers & Losers: The Indian equity benchmark indices Sensex and Nifty ended with gains on Wednesday, extending the previous day's rally amid a lower level of inflation on the domestic front and better-than-expected inflation readings from the US.

The 30-share BSE Sensex climbed 144.61 points or 0.23 per cent to settle at 62,677.91. The NSE Nifty advanced 52.30 points or 0.28 per cent to end at 18,660.30.

From the Sensex pack, Tech Mahindra, Tata Steel, NTPC, IndusInd Bank, State Bank of India, Power Grid, HCL Technologies, Tata Consultancy Services, and L&T were the major winners. Nestle, Bharti Airtel, ICICI Bank, Asian Paints, Hindustan Unilever, and UltraTech Cement were among the laggards.

"Better-than-expected inflation readings from major global economies, combined with an increased appetite for IT stocks, aided the domestic market's bullishness,” Vinod Nair, Head of Research at Geojit Financial Services was quoted as saying by PTI.

"Though the Fed is largely expected to raise rates by 50 basis points, their comments on future inflation and rate actions would dominate market movements," he further added. 

Hindalco: Accumulate – Target: Rs 509

Shares of Hindalco have closed as top Nifty gainer on Wednesday. The stock jumped around 2.5 per cent to Rs 469.10 per share on the NSE as compared to 0.28 per cent rise in the Nifty50 index.

Ravi Sodah, Research Analyst, Elara Securities said, “We pare down Novelis’ (subsidiary of Hindalco) target multiple to 6x from 7x given near-term challenges and revise rating of Hindalco to Accumulate from Buy with a target of Rs 509, ascribing 6x September 2024E EV/EBITDA to Novelis.”

Tech Mahindra: Sell – Target: Rs 980

Shares of Tech Mahindra have closed as top Sensex gainer on Wednesday. The stock gained around 2 per cent to Rs 1065.05 per share on the BSE today as compared to 0.23 per cent rise in Sensex.

Mitul Shah, Research Analyst, Reliance Research, said, “The sector may not remain immune to worsening macros. In view of margin pressure, lower earnings growth, lower deal wins, and higher valuation, we maintain a Sell rating on Tech Mahindra with a target of Rs 980 per share.”

Nestle India: ADD – Target: Rs 22,000

Shares of Nestle India have closed as a top loser for the second straight session on Wednesday. The stock declined over 1.5 per cent to Rs 20,058.00 per share on the NSE.

“We believe the street will potentially appreciate the volume-based outperformance which Nestle is delivering,” Manoj Menon, Research Analyst, ICICI Securities said, maintaining an ADD rating with a target price of Rs 22,000 per share, implying around 8 per cent upside.

Nifty50 Top Gainers:

1) Hindalco shares ended at Rs 469.10, up around 2.5 per cent on the NSE from Tuesday’s closing price.

2) JSW Steel shares ended at Rs 759.65 up over 2 per cent on the NSE from Tuesday’s closing price.

3) ONGC shares ended at Rs 147.15 up around 2 per cent on the NSE from Tuesday’s closing price.

4) UPL shares ended at Rs 782.00, up around 2 per cent on the NSE from Tuesday’s closing price.

5) Eicher Motor shares ended at Rs 3,370.00, up around 2 per cent on the NSE from Tuesday’s closing price

Nifty50 Top Losers:

1) Nestle India shares ended at Rs 20,058.00 down over 1.5 per cent on the NSE from Tuesday’s closing price.

2) ICICI Bank shares ended at Rs 921.00, down over 1 per cent on the NSE from Tuesday’s closing price.

3) Bharti Airtel shares ended at Rs 828.90 down over 1 per cent on the NSE from Tuesday’s closing price.

4) Asian Paint shares ended at Rs 3,148.00, down around 1 per cent on the NSE from Tuesday’s closing price.

5) Hindustan Unilever shares ended at Rs 2,687.00, down around 1 per cent on the NSE from Tuesday’s closing price.

Sensex Top Gainers:

1) Tech Mahindra shares ended at Rs 1065.05, up around 2 per cent on the BSE from Tuesday’s closing price.

2) Tata Steel shares ended at Rs 113.00, up over 1.5 per cent on the BSE from Tuesday’s closing price.

3) NTPC shares ended at Rs 171.95, up over 1.5 per cent on the BSE from Tuesday’s closing price.

4) SBI shares ended at Rs 625.55, up around 1.5 per cent on the BSE from Tuesday’s closing price.

5) IndusInd Bank shares ended at Rs 1253.20, up around 1.5 per cent on the BSE from Tuesday’s closing price

Sensex Top Losers:

1) Nestle India shares ended at Rs 20020.60, down by around 2 per cent on the BSE from Tuesday’s closing price.

2) ICICI Bank shares ended at Rs 921.00, down over 1 per cent on the BSE from Tuesday’s closing price.

3) Bharti Airtel shares ended at Rs 828.60, down over 1 per cent on the BSE from Tuesday’s closing price.

4) Asian Paint shares ended at Rs 3147.85, down around 1 per cent on the BSE from Tuesday’s closing price.

5) Hindustan Unilever shares ended at Rs 2685.45, down around 1 per cent on the BSE from Tuesday’s closing price.