Top Gainers and Losers: Coal India, Tata Steel gain most in otherwise weak market - Check analysts' recommendation

Top Gainers, Losers: The Indian equity markets ended in the red on Thursday after a two-day rally, following a weak trend in the US markets and fresh foreign fund outflows. The poor US consumer data and hawkish comments from the Fed's policymakers dragged markets lower.

At the market close, the BSE Sensex declined dropped 187.31 points or 0.31 per cent to settle at 60,858.43. The NSE Nifty dipped 57.50 points or 0.32 per cent to end at 18,107.85.

Among heavyweights, Coal India, UPL, ONGC, BPCL, and Tata Steel were among top gainers on Nifty50; while Adani Ent, Asian Paints, Tata Motors, IndusInd Bank and Adani Ports were among top laggard on Thursday.

Also read: Budget 2023: Why investors should keep an eye on railway stocks ahead of Union Budget 

Here are some of the blue-chip stocks that saw big moves on January 19:

Coal India

State-owned Coal India shares closed as a top Nifty gainer on Thursday. The counter jumped almost 3 per cent to Rs 224.25 per share on the NSE. The buying sentiment in the stock could be attributed to announcement of Record Date for the second interim dividend for the financial year 2022-23 (FY23).

“The Company has fixed Wednesday, 8th Feb’2023 as the “Record Date” for the purpose of payment of 2nd Interim Dividend on Equity Shares for Financial Year 2022-23, if declared by the Board,” Coal India said in its exchange filing.

The public sector company’s board is expected to announce the second interim dividend along with its October-December quarter earnings of the financial year 2022-23 (Q3FY23) on January 31.

“Improving demand for power and the substitution of imported coal have allowed Coal India to report strong dispatch growth in FY22 and YTD FY23,” Sudhanshu Bansal of JM Financial said.

The revised wage negotiation is in the company’s favour and will further facilitate its profitability, the analyst at JM Financial said, maintaining a 'Hold' rating on the stock with a target price of Rs 240 per share.

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

Tata Steel

Tata Steel share price has ended as a top Sensex gainer on Thursday. The stock was nearly 1 per cent to Rs 123.8 per share on the BSE.

The extended rally of Tata Steel could be attributed to the global brokerage CLSA’s bullish view on the overall metal sector, wherein it maintained an 'Outperform' rating on the stock with a revised target of Rs 135 per share from Rs 90 apiece earlier.

Tata Steel’s share price has formed a strong base around Rs 100 over the past few months factoring in a host of negatives. Last week’s price action formed a bullish engulfing candlestick that led to a breakout above six month range indicating a revival of the positive trend, ICICI Securities said.

Asian Paints

Amid lower-than-estimated December quarter earnings, Asian Paints share price ended among top losers on Nifty and Sensex. The stock, which was volatile in the morning trade, declined over 3 per cent to Rs 2854.80 per share on the BSE after the third quarter earnings of this fiscal.

In Q3FY23, the Mumbai-based paint maker’s net profit grew by 5.6 per cent on a year-on-year (YoY) basis to Rs 1,072.7 crore, while revenue increased by 1.7 per cent YoY to Rs 8,607.5 crore.

ICICI Securities has given a 'Hold' rating on Asian Paints with a target price of Rs 3,200 per share.

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