Nifty, Sensex Gainers and Losers: Axis Bank, IndusInd Bank end as top NSE, BSE gainers; Sun Pharma cracks over 3.5% - what should investors do?

Nifty, Sensex Gainers, and Losers: The Indian markets remained range bound and ended marginally higher, in continuation to the prevailing trend. Most of the sectoral indices traded in tandem with the benchmark and ended flat to marginally higher.

However, buoyancy in the banking pack was a major highlight, especially the PSU banking counters. Besides, selective buying on the broader front kept the traders busy.

Markets are seeing time-wise correction and weak global cues are delaying the recovery, Ajit Mishra, VP - Technical Research, Religare Broking said. “We feel the consolidation may continue for some time, however buoyancy in the banking pack coupled with buying in select index majors may result in a further rebound,” he said.

Meanwhile, continuing with a stock-specific trading approach and focusing on buying opportunities is recommended, the market analyst said in his post market comment.

Axis Bank: Buy – Target: 1130; Upside:

Shares of Axis Bank closed as top Nifty and Sensex gainer, up around 3 per cent to Rs 940 per share on the NSE as compared to nearly 0.3 per cent rise in the Nifty50 index. The stock on Thursday surged on multiple triggers – a fundraising announcement and a credit rating update by CRISIL.

Kunal Shah, Research Analyst, ICICI Securities said, “Axis Bank’s profit accretion will be self-sufficient to fund organic growth and there is no intention to raise capital at least till Citi acquisition or sometime later.” It maintains BUY with a target price of Rs 1,130, implying over 20 per cent upside.

IndusInd Bank: Buy – Target: 1,450; Upside: 21.5%

Shares of IndusInd Bank ended as top Nifty and Sensex gainer, up around 2.5 per cent to Rs 1,193 per share on the NSE.

“IndusInd Bank’s operating performance remains on track led by healthy NII growth and controlled provisions. Asset quality ratios improved driven by lower slippages in corporate as well as consumer portfolios,” Nitin Aggarwal - Research Analyst, Motilal Oswal said in a report on the company.

The analyst estimated PAT to report 40 per cent CAGR over FY22-24, leading to 16% RoE in FY24E and maintained BUY rating with a target of Rs 1,450 per share, implying an upside of 21.5 per cent.

Sun Pharma: Hold – Target: 1100; Upside: 12%

Shares of Sun Pharma closed as top Nifty and Sensex loser, down over 3.5 per cent to Rs 979.5 per share on the NSE.

"Sun Pharma’s robust growth in the specialty business coupled with likely inflow of production-linked incentives drove EBITDA margin," Saad Shaikh, Research Analyst, BoB Caps said, maintaining Hold rating with a target price of Rs 1,100 per share, implying 12 per cent upside.

The analyst added that the management has guided for acceleration in R&D activity but maintained guidance on spends at 6-8 per cent of sales.

Nifty50 Top Gainers:

1) Axis Bank shares ended at Rs 940, up over 2 per cent on the NSE from Wednesday’s closing price.

2) IndusInd Bank shares ended at Rs 1,193, up over 2 per cent on the NSE from Wednesday’s closing price.

3) Eicher Motors shares ended at Rs 3,329 up over 2 per cent on the NSE from Wednesday’s closing price.

4) L&T shares ended at Rs 2,165, up almost 2 per cent on the NSE from Wednesday’s closing price.

5) Hindalco shares ended at Rs 417.90, up almost 2 per cent on the NSE from Wednesday’s closing price

Nifty50 Top Losers:

1) Sun Pharma shares ended at Rs 979.50, down almost 4 per cent on the NSE from Wednesday’s closing price.

2) Divis Lab shares ended at Rs 3,287, down almost 2 per cent on the NSE from Wednesday’s closing price.

3) Power Grid shares ended at Rs 217.75 down over 1 per cent on the NSE from Wednesday’s closing price.

4) HDFC Life shares ended at Rs 576.30, down around 1 per cent on the NSE from Wednesday’s closing price.

5) TCS shares ended at Rs 3,355, down around 1 per cent on the NSE from Wednesday’s closing price.

Sensex Top Gainers:

1) Axis Bank shares ended at Rs 939.45, up almost 3 per cent on the BSE from Wednesday’s closing price.

2) IndusInd Bank shares ended at Rs 1191.60, up over 2 per cent on the BSE from Wednesday’s closing price.

3) L&T shares ended at Rs 2167.30, up over 2 per cent on the BSE from Wednesday’s closing price.

4) ICICI Bank shares ended at Rs 931.55, up over 1 per cent on the BSE from Wednesday’s closing price.

5) Infosys shares ended at Rs 1619.95, up around 1 per cent on the BSE from Wednesday’s closing price

Sensex Top Losers:

1) Sun Pharma shares ended at Rs 980.95, down by around 4 per cent on the BSE from Wednesday’s closing price.

2) Power Grid shares ended at Rs 217.75, down around 2 per cent on the BSE from Wednesday’s closing price.

3) TCS shares ended at Rs 3350.30, down around 1 per cent on the BSE from Wednesday’s closing price.

4) Kotak Bank shares ended at Rs 1897.30, down by around 1 per cent on the BSE from Wednesday’s closing price.

5) Wipro shares ended at Rs 403.70, down by around 1 per cent on the BSE from Wednesday’s closing price.