Nifty, Sensex Gainers & Losers: UltraTech, Hindalco close as top gainers; ICICI Bank dips around 1.5% – Should you Buy, Sell or Hold?

Nifty, Sensex, Gainers, Losers,UltraTech Cement, Hindalco, ICICI bank: The Indian markets managed to end marginally higher amid volatility on the weekly expiry day on Thursday. Firm global cues triggered a gap-up start in Nifty however profit taking at the higher levels trimmed the gains as the day progressed.

Finally, the Nifty index settled at 18,812.5 levels. Among the sectoral pack, IT, metal and realty remained in flavour while energy, auto and FMCG were slightly on the back foot. Amid all, the broader indices outperformed the benchmark and posted decent gains.

Ajit Mishra, VP - Technical Research, Religare Broking said, “We may see a bit of consolidation after the recent surge however upbeat global cues would keep the tone positive. Besides, improvement in the broader market participation is added relief.”

Mishra recommended, “Participants should continue with a positive bias and utilise pause or dip as a buying opportunity. At the same time, one should not go overboard and stick largely with the index majors and quality midcaps.”

UltraTech Cement: BUY – Target: Rs 8,600; Upside: 18%

Shares of UltraTech Cement closed as a top Nifty and Sensex gainer on Thursday. The stock jumped around 3 per cent higher to Rs 7,278.00 per share on the NSE.

“We maintain BUY rating on the stock with target price of Rs 8,660 based on 14x FY25E EV/EBITDA," Krupal Maniar Research Analyst at Antique Stock Broking Limited said in a report.

While the company’s grey cement growth visibility remains strong and industry-leading, its non-grey cement businesses may be relatively underappreciated, as per the analyst.

Hindalco: BUY – Target: Rs 500; Upside: 8%

Shares of Hindalco closed among top Nifty gainers on Wednesday. The stock surged around 3 per cent to Rs 463 per share on the NSE.

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, maintained BUY rating on the stock with a target price of Rs 500 per share.

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

ICICI Bank: BUY – Target: Rs 1135; Upside: 21%

Shares of ICICI Bank closed as top Nifty and Sensex loser. The stock slipped around 1.5 per cent to Rs 939.45 per share on the NSE.

The bank’s sustained growth outperformance, strong digital push, focus on risk-calibrated operating returns and strong balance sheet will result in the bank’s stocks continuing to see a re-rating, Raj Jha, Research Analyst at Edelweiss Research said in a report.

The brokerage maintains BUY recommendation with a revised target price of Rs 1,135 per share, implying a 21 per cent upside.

Nifty50 Top Gainers:

1) UltraTech shares ended at Rs 7,278.00, up around 3 per cent on the NSE from Wednesday’s closing price.

2) Hindalco Steel shares ended at Rs 463.30, up around 3 per cent on the NSE from Wednesday’s closing price.

3) Tata Steel shares ended at Rs 110.55, up over 2.5 per cent on the NSE from Wednesday’s closing price.

4) Grasim Moto shares ended at Rs 1,806.00, up over 2.5 per cent on the NSE from Wednesday’s closing price.

5) TCS shares ended at Rs 3,473.20, up around 2.5 per cent on the NSE from Wednesday’s closing price

Nifty50 Top Losers:

1) ICICI Bank shares ended at Rs 939.45, down around 1.5 per cent on the NSE from Wednesday’s closing price.

2) UPL shares ended at Rs 778.60, down around 1.5 per cent on the NSE from Wednesday’s closing price.

3) Cipla Tech Bank shares ended at Rs 1,124.05 down over 1 per cent on the NSE from Wednesday’s closing price.

4) Eicher Motor shares ended at Rs 3,439.00, down over 1 per cent on the NSE from Wednesday’s closing price.

4) Bajaj Auto shares ended at Rs 3,705.00, down over 1 per cent on the NSE from Wednesday’s closing price.

Sensex Top Gainers:

1) Ultratech shares ended at Rs 7279.10, up around 3 per cent on the BSE from Wednesday’s closing price.

2) Tata Steel shares ended at Rs 110.70, up around 3 per cent on the BSE from Wednesday’s closing price.

3) TCS shares ended at Rs 3475.10, up around 2.5 per cent on the BSE from Wednesday’s closing price.

4) Tech Mahindra shares ended at Rs 1101.80, up over 2 per cent on the BSE from Wednesday’s closing price.

5) Wipro shares ended at Rs 413.60, up over 1.5 per cent on the BSE from Wednesday’s closing price

Sensex Top Losers:

1) ICICI Bank shares ended at Rs 939.95, down around 1.5 per cent on the BSE from Wednesday’s closing price.

2) M&M shares ended at Rs 1293.35, down over 1 per cent on the BSE from Wednesday’s closing price.

3) Power Grid shares ended at Rs 221.90, down around 1 per cent on the BSE from Wednesday’s closing price.

4) HUL shares ended at Rs 2662.65, down over 0.5 per cent on the BSE from Wednesday’s closing price.

5) Kotak Bank shares ended at Rs 1934.15, down over 0.5 per cent on the BSE from Wednesday’s closing price.