Nifty, Sensex Gainers & Losers: M&M, Hindalco close as top gainers; SBI dips nearly 1% – Should you Buy, Sell or Hold?

Nifty, Sensex Gainers & Losers: Benchmark BSE Sensex and Nifty50 settled above the 63,000 and 18750 levels, respectively, for the first time on Wednesday, extending its winning momentum to the seventh day amid a largely positive trend in global markets and continuous foreign fund inflows.

The 30-share barometer rallied 417.81 points or 0.67 per cent to settle at 63,099.65, its fresh record closing high. The broader NSE Nifty advanced 140.30 points or 0.75 per cent to end at 18,758.35, its fresh record closing high.

The broader market is also trying to catch up with momentum as Nifty midcap and smallcap indices are still well below these all-time highs. There is a clear trend of outperformance of Indian equity markets in the second half of 2022, Santosh Meena, Head of Research, Swastika Investmart said.

Globally, news flow from China may continue to cause volatility, while the movement of the dollar index, US bond yields, and crude oil prices will be other important factors, the analyst further said.

Mahindra & Mahindra (M&M): Buy – Target: Rs 1,590; Upside: 21%

Shares of M&M ended as the top Nifty and Sensex gainer on Wednesday. The stock surged over 4 per cent to Rs 1309.7 per share on the BSE as compared to a 0.75 per cent rise in the BSE Sensex.

M&M’s stock price has grown at 12.8 per cent CAGR (Compound Annual Growth Rate) from Rs 710 levels in November 2017, outperforming the wider Nifty Auto index, Shashank Kanodia, Research Analyst, ICICI Securities said in a report on the company.

“We retain BUY rating on the stock with a target of Rs 1,590 per share amid sturdy demand prospects across M&M’s product profile, record order-book, firm commitment towards the EV (electric vehicle) space and gross margin expansion on the anvil starting Q2FY23,” the analyst said.

Hindalco: BUY – Target: Rs 500; Upside: 11%

Shares of Hindalco closed as top Nifty gainers on Wednesday. The stock surged over 3 per cent to Rs 449.85 per share on the NSE as compared to 0.67 per cent rise in the S&P BSE Sensex.

Hindalco’s share price has given a return of 111 per cent in the last two years from Rs 204 apiece in November 2020 to Rs 430 apiece in November 2022, Dewang Sanghavi, Research Analyst, ICICI Securities, maintaining BUY rating on the stock with a target price of Rs 500 per share.

Going forward, the analyst assumes Novelis, a subsidiary of Hindalco, to report EBITDA of US$485/tonne for FY23E and US$525/tonne for FY24E and expect Hindalco to report consolidated EBITDA margin of 12.9 and 13.1 per cent for FY23E and FY24E, respectively.

State Bank of India (SBI): BUY – Target: Rs 715; Upside: 18%

Shares of SBI have concluded among top Nifty and Sensex loser on Wednesday. The stock slipped nearly 1 per cent to Rs 603 per share. Mahrukh Adajania, Research Analyst, Nuvama Research in report upgrades SBI to BUY from HOLD to a target price of Rs 715 per share.

The analyst at Nuvama Research said, “We are increasing EPS by 14/10 per cent for FY23E/FY24E. In anticipation of NIM (Net Interest Margin) expansion sustaining in H2FY23 and the credit cycle remaining strong and benign, we are increasing the target valuation to 1.5x BV FY24E from 1.2x.”

Nifty50 Top Gainers: 

1) M&M shares ended at Rs 1,307.95, up over 4 per cent on the NSE from Tuesday’s closing price. 

2) Hindalco Steel shares ended at Rs 449.85, up over 3 per cent on the NSE from Tuesday’s closing price. 

3) Grasim shares ended at Rs 1,763.00, up around 2.5 per cent on the NSE from Tuesday’s closing price. 

4) SBI Life Moto shares ended at Rs 1,289.05, up around 2.5 per cent on the NSE from Tuesday’s closing price.

5) UltraTech Cement shares ended at Rs 1,050.50, up over 2 per cent on the NSE from Tuesday’s closing price 

Nifty50 Top Losers: 

1) IndusInd Bank shares ended at Rs 1,168.00, down over 1 per cent on the NSE from Tuesday’s closing price. 

2) SBI shares ended at Rs 602.95, down around 1 per cent on the NSE from Tuesday’s closing price. 

3) HCL Tech Bank shares ended at Rs 1,122.00 down over 0.5 per cent on the NSE from Tuesday’s closing price. 

4) ITC shares ended at Rs 340.30, down over 0.5 per cent on the NSE from Tuesday’s closing price. 

Sensex Top Gainers: 

1) M&M shares ended at Rs 2633.40, up over 4 per cent on the BSE from Tuesday’s closing price. 

2) Ultratech Cement shares ended at Rs 1049.15, up over 1.5 per cent on the BSE from Tuesday’s closing price. 

3) Power Grid shares ended at Rs 20081.80, up over 1 per cent on the BSE from Tuesday’s closing price.

4) HUL shares ended at Rs 4452.15, up over 1 per cent on the BSE from Tuesday’s closing price.

5) Bharti Airtel shares ended at Rs 106.10, up over 1 per cent on the BSE from Tuesday’s closing price 

Sensex Top Losers: 

1) IndusInd Bank shares ended at Rs 1167.35, down over 1 per cent on the BSE from Tuesday’s closing price. 

2) SBI shares ended at Rs 602.50, down around 1 per cent on the BSE from Tuesday’s closing price. 

3) HCL Tech shares ended at Rs 1120.65, down over 0.5 per cent on the BSE from Tuesday’s closing price.

4) ITC shares ended at Rs 340.05, down over 0.5 per cent on the BSE from Tuesday’s closing price. 

5) Sun Pharma shares ended at Rs 1044.35, down over 0.5 per cent on the BSE from Tuesday’s closing price.