Nifty, Sensex Gainers & Losers: Metal stocks like Hindalco, Tata Steel shine, Tech Mahindra among top NSE, BSE loser – What should investors do?

Nifty, Sensex, top gainers, top losers Losers, Hindalco, Tata Steel, Tech Mahindra: The Indian equity benchmark indices ended on a flat note on Monday, with the BSE Sensex falling nearly 34 points, recording its second day of decline after an eight-day rally.

In a volatile trade, the 30-share BSE benchmark dipped 33.9 points or 0.05 per cent to settle at 62,834.60. The NSE Nifty eked out marginal gains and ended 4.95 points or 0.03 per cent higher at 18,701.05.

Among the Sensex pack, Reliance Industries, Tech Mahindra, UltraTech Cement, Dr Reddy's, Axis Bank, Bharti Airtel, Bajaj Finserv, and Mahindra & Mahindra were the major laggards. Tata Steel, NTPC, State Bank of India, IndusInd Bank, and Power Grid were among the winners.

Hindalco: Accumulate – Target: Rs 509

Shares of Hindalco have closed as top Nifty gainer on Monday as the stock jumped over 4.5 per cent to Rs 482 per share on the NSE as against the flat ending of the benchmark.

Ravi Sodah, Research Analyst, Elara Securities said, “We pare down Novelis’ (subsidiary of Hindalco) target multiple to 6x from 7x given near-term challenges and revise rating of Hindalco to Accumulate from Buy with a target of Rs 509, ascribing 6x September 2024E EV/EBITDA to Novelis.”

Tata Steel: Buy – Target: Rs 125

Shares of Tata Steel closed as top Sensex gainer on Monday as the stock surged over 3 per cent to Rs 115.8 per share on the BSE as compared to the flat ending of the benchmark.

Kirtan Mehta, Research Analyst, BoB Caps said, “We cut FY23/FY24 EBITDA by 31%/10% on margin uncertainty in Europe and slower recovery in India operations. It maintains a Buy rating with a target of Rs 125 apiece, as the company to weather the downturn and deliver on earnings-accretive growth.”

Tech Mahindra: Sell – Target: Rs 980

Shares of Tech Mahindra closed among top Nifty and Sensex gainers as the stock slipped over 1 per cent to Rs 1099.7 per share on Monday.

Mitul Shah, Research Analyst, Reliance Research, “The sector may not remain immune to worsening macros. In view of margin pressure, lower earnings growth, lower deal wins, and higher valuation, we maintain a Sell rating on Tech Mahindra with a target of Rs 980 per share.”

Nifty50 Top Gainers:

1) Hindalco shares ended at Rs 482, up over 4.5 per cent on the NSE from Friday’s closing price.

2) Tata Steel shares ended at Rs 115.45, up over 3 per cent on the NSE from Friday’s closing price.

3) UPL shares ended at Rs 803.25, up around 2.5 per cent on the NSE from Friday’s closing price.

4) Coal India shares ended at Rs 231.3, up over 2 per cent on the NSE from Friday’s closing price.

5) ONGC shares ended at Rs 143.75, up over 2 per cent on the NSE from Friday’s closing price

Nifty50 Top Losers:

1) Apollo Hospital shares ended at Rs 4,775.00, down around 2 per cent on the NSE from Friday’s closing price.

2) Reliance shares ended at Rs 2,682.00, down over 1.5 per cent on the NSE from Friday’s closing price.

3) Tata Motors shares ended at Rs 429.10 down around 1.5 per cent on the NSE from Friday’s closing price.

4) Tech Mahindra shares ended at Rs 1,100.00, down over 1 per cent on the NSE from Friday’s closing price.

5) Britannia shares ended at Rs 4,385.45, down over 1 per cent on the NSE from Friday’s closing price.

Sensex Top Gainers:

1) Tata Steel shares ended at Rs 115.80, up over 3 per cent on the BSE from Friday’s closing price.

2) NTPC shares ended at Rs 175.00, up over 1.5 per cent on the BSE from Friday’s closing price.

3) SBI shares ended at Rs 617.15, up over 1.5 per cent on the BSE from Friday’s closing price.

4) IndusInd Bank shares ended at Rs 1194.70, up over 1 per cent on the BSE from Friday’s closing price.

5) Power Grid shares ended at Rs 221.80, up around 1 per cent on the BSE from Friday’s closing price

Sensex Top Losers:

1) Reliance shares ended at Rs 2682.85, down around 1.5 per cent on the BSE from Friday’s closing price.

2) Tech Mahindra shares ended at Rs 1099.70, down over 1 per cent on the BSE from Friday’s closing price.

3) Dr Reddy shares ended at Rs 4479.35, down over 0.7 per cent on the BSE from Friday’s closing price.

4) Axis Bank shares ended at Rs 899.30, down over 0.5 per cent on the BSE from Friday’s closing price.

5) Bharti Airtel shares ended at Rs 843.90, down over 0.5 per cent on the BSE from Friday’s closing price.