Top Gainers and Losers: The Indian markets extended gains to rise over half a percent amid mixed cues.  After the flat start, continued buying in select index majors from banking, IT and capital goods space pushed the benchmark indices higher.

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At market close, the BSE Sensex jumped 390.02 points or 0.64 per cent to settle at 61,045.74 and Nifty50 rallied 112.05 points or 0.62 per cent to end at 18,165.35 on Wednesday.

Meanwhile, the market breadth was aligned marginally towards the advancing side, thanks to the recovery in the midcap space, while the smallcap index ended unchanged.

“We expect the recovery to extend further as Nifty has surpassed the immediate hurdle at the 18100 mark. However, the upside seems capped citing restricted participation and hurdles around the 18250-18350 zone," Ajit Mishra, VP - Technical Research at Religare Broking, said.

“We thus recommend staying selective and suggest preferring index majors over others,” he added.

Also Read: Budget 2023: Experts eye big push for infrastructure sector from government 

Here are some of the blue-chip stocks that saw big moves on January 18:

Hindalco

Hindalco shares finished Wednesday as top gainer on Nifty50. The stock jumped almost 3 per cent to Rs 502.20 per share on NSE. Earlier in the day, global brokerage firm CLSA had said that is prefers Hindalco over other steel companies.

The brokerage maintains a Buy rating on Hindalco with a revised target of Rs 580 apiece, from Rs 515 per share earlier. It said that the resilient aluminium price should support domestic earnings and the rebound of Novelis’ profitability would be key to watch in the near-term.

Tata Steel

Tata Steel share price ended as a top gainer on BSE Sensex today. The counter surged by more than 2.5 per cent to Rs 122.60 per share on the BSE.

CLSA upgraded Tata Steel to 'Outperform' from 'Sell' call, with a revised target of Rs 135 from Rs 90 apiece earlier. It said that Tata Steel is the biggest beneficiary of a demand drive upcycle in China and further noted that visibility on Kalinganagar expansion and Europe profitability are  key.

Also Read: Budget 2023: Why agri stocks are in focus prior to Budget 

Tata Motors

Tata Motors shares closed as top Sensex loser on Wednesday. The scrip was down over 1.5 per cent to Rs 408.80 per share on the NSE.

The auto major is scheduled to report its December quarter earnings on January 25, 2023, wherein analysts at Philip Capital expect the company’s consolidated revenue may grow by 17 per cent year-on-year as commercial vehicle volumes picked up cyclically and supply constraints eased.

Jinesh Gandhi, Research Analyst, Motilal Oswal gave 'Buy' rating on Tata Motors with a target price of Rs 500 per share.