Nifty, Sensex Top Gainers and Losers: Hindalco, Kotak Bank top NSE, BSE gainer; Dr Reddy corrects nearly 4% - what should investors do?

Nifty, Sensex Top Gainers and Losers, Kotak Mahindra Bank, Hindalco, Dr Reddy's: The Indian markets closed marginally lower on Monday as both the benchmark indices closed between 0.1-0.3 per cent. Frontline indices – Nifty and Sensex – settled at the key levels above 18300 and 61,600, respectively, today.  

Meanwhile, the broader markets such as Nifty Midcap and Smallcap outperformed the benchmarks to end nearly 0.06 and 0.5 per cent higher, respectively, on Monday. 

Sectorally, Nifty Metal and IT aided the markets most from further decline, while FMCG, PSU Bank, and Financial Services dragged the market most today. Among heavyweights - Hindalco, Apollo Hospital, and Kotak Bank gained the most, while Dr Reddy’s, ITC, and HUL, were among the top laggards. 

Hindalco: BUY – Target: 525; Period: Long-Term; Upside: 15% 

The long-term outlook for Hindalco continues to remain buoyant given Novelis, a subsidiary, maintaining medium-term EBITDA/t guidance of US$525, domestic brokerage JM Financial said, and added that there has been resilient performance by the India aluminium category of the company despite cost inflation.
Hindalco has given over 75 per cent steady/strong EBITDA being non-LME linked, which makes JM Financials bullish on the stock. The brokerage considers that the stock is preferred player in the metal space and hence reiterated Buy stance with a target of Rs 525 apiece, implying 15 per cent upside.

Aditya Birla group-owned Hindalco shares closed as top Nifty gainer on Monday, up over 5.5 per cent to Rs 454.60 per share on the NSE.  

Kotak Bank: BUY – Target: 2,451; Period: Long-Term; Upside: 27.5% 

Ramp-up in retail liabilities and succession plans related to MD and CEO retirement in December 2023 are among the key monitorable of Kotak Mahindra Bank, ICICI Securities said. Similarly, it is building in credit growth of 23%, and estimated NIMs, RoAs/RoEs at over 4.8/2.3/13%, respectively.  

The domestic brokerage maintains a Buy on the stock with an unchanged target price of Rs 2,451, implying 27.5 per cent upside in the stock. The counter on Monday closed as top BSE Sensex gainer up over 1 per cent to Rs 1922.7 per share on the BSE. 

Dr Reddy’s Laboratories: Buy – Target: 5,000; Period: Long-Term; Upside: 14.5% 

Dr Reddy is currently investing in various businesses that could provide growth in the long term, Axis Securities said. It added, while high inflation and price erosion could reduce margins, the company is proactively building a global pipeline of biosimilars, developing NCE for immuno-oncology, and building up a Neutraceuticals portfolio, vaccines, and digital healthcare platforms.  

Keeping this in view, the domestic brokerage recommends a Buy rating on the stock with a target of Rs 5,000 a share, implying 14.5 per cent upside in the stock. The counter on Monday closed as top Nifty gainer down around 4 per cent to Rs 4368 per share on the NSE. 

 Nifty50 Top Gainers:  

1) Hindalco shares ended at Rs 454.60, up over 5.5 per cent on the NSE from Friday’s closing price.  

2) Apollo Hospital shares ended at Rs 4,546.35, up around 3 per cent on the NSE from Friday’s closing price.  

3) Tata Motors shares ended at Rs 433.50, up over 2 per cent on the NSE from Friday’s closing price.  

4) Grasim shares ended at Rs 1,745.95, over 2 per cent on the NSE from Friday’s closing price.  

5) Power Grid shares ended at Rs 211.95, up over 1 per cent on the NSE from Friday’s closing price.  

Nifty50 Top Losers:  

1) Dr Reddy’s shares ended at Rs 4,368.00, down around 4 per cent on the NSE from Friday’s closing price.  

2) Coal India shares ended at Rs 246.90, down over 2.5 per cent on the NSE from Friday’s closing price.  

3) ITC shares ended at Rs 347.45, down 2.5 per cent on the NSE from Friday’s closing price.  

4) HUL shares ended at Rs 2,458.00, down over 1 per cent on the NSE from Friday’s closing price.  

5) SBI shares ended at Rs 851.60, down around 2 per cent on the NSE from Friday’s closing price.  

Sensex Top Gainers:  

1) Kotak Bank shares ended at Rs 1922.70, up over 1 per cent on the BSE from Friday’s closing price.  

2) Tata Steel shares ended at Rs 108.65, up up over 1 per cent on the BSE from Friday’s closing price.  

3) Power Grid shares ended at Rs 211.25, up over 1 per cent on the BSE from Friday’s closing price.  

4) IndusInd Bank shares ended at Rs 1151.60, up over 1 per cent on the BSE from Friday’s closing price. 

5) Infosys shares ended at Rs 1584, up  around 1 per cent on the BSE from Friday’s closing price  

Sensex Top Losers:  

1) Dr Reddy shares ended at Rs 4365.75, down around 4 per cent on the BSE from Friday’s closing price.  

2) ITC shares ended at Rs 347.25, down over 2.5 per cent on the BSE from Friday’s closing price.  

3) HUL shares ended at Rs 2457.65, down around 2 per cent on the BSE from Friday’s closing price.  

4) SBI shares ended at Rs 592.55, down around 1.5 per cent on the BSE from Friday’s closing price. 

5) ICICI Bank shares ended at Rs 894.90, down over 1 per cent on the BSE from Friday’s closing price.