Top Gainers & Losers: Hindalco and Maruti Suzuki among major winners, Asian Paints drops over 1%
Top Gainers and Losers: The Indian markets on Thursday closed on a lower note and snapped a two-day gaining streak, tracking poor global cues after the US Federal Reserve another rate hike by 25 basis points in 2023.
Top Gainers and Losers: Equity benchmark indices Sensex and Nifty declined in a volatile session on Thursday due to a sell-off in banking, financial and IT stocks amid a weak trend in European equities.
“Continued pressure on the IT majors and profit-taking in banking and financial counters turned the tone negative. In line with the trend, the broader indices too shed nearly half a percent each,” said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
Snapping the two days winning streak, the BSE Sensex fell 289.31 points or 0.5 per cent to settle at 57,925.28 and NSE Nifty dipped 75 points or 0.44 per cent to end at 17,076.90.
Hindalco was the biggest gainer in the Nifty50 pack, followed by Maruti Suzuki, Nestle India, ONGC, and Tata Motors.
In contrast, State Bank of India (SBI), Bajaj Auto, Kotak Mahindra Bank, HCL Tech, and Asian Paints were among the top laggards.
Here are some blue-chip stocks that saw maximum buzz today:
Hindalco’s stock ended marginally higher by Rs 5.85 or 1.49 per cent and settled at Rs 398.60 apiece making it the top gainer on NSE Nifty50.
Brokerage firm Motilal Oswal has given a ‘buy’ call on Hindalco for a target of Rs 570 apiece (43 per cent upside).
The brokerage is confident about the company’s growth in the long-term.
Shares of car maker rose 1.29 per cent or Rs 106.60 and settled at Rs 8,359 apiece.
Brokerage firm Reliance Securities has recommended buying shares of Maruti Suzuki for a target price of Rs 11,000 apiece. (31.6 per cent upside)
The brokerage believes that a strong products basket, likely margin expansion, export potential, strong return ratios, and likely market share gain post-new UV launches are some positives for Maruti Suzuki.
The shares of the paint company dipped 1.40 per cent or Rs 39.85 at Rs 2,800 apiece on NSE.
Brokerage firm Axis Securities has maintained a ‘buy’ call on Asian Paints shares for a target of Rs 3,200 apiece (14.3 per cent upside).
The brokerage believes that the near-term triggers – demand recovery in discretionary spends, and a drop in overall inflation will be key for driving volume growth.
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