Nifty, Sensex Top Gainers and Losers: Power Grid, ICICI Bank gain most; ITC among top laggards - what should investors do?

Nifty, Sensex Top Gainers and Losers, Power Grid, ICICI Bank, ITC: The Indian markets closed in the green following positive global cues. The benchmark indices gained nearly 0.5 per cent as both Nifty50 and BSE Sensex closed at key levels of 18400 and 61,800, respectively, on Tuesday.

During the afternoon session, the markets traded volatile with weakness in Metal and Capital Goods, while buying in Auto and Telecom stocks helped markets to trade near neutral lines. Some support from financial stocks during the closing session, helped the markets to firmly trade in the green.

Narendra Solanki - Head Fundamental Research- Investment Services, Anand Rathi Shares & Stock Brokers said, “Traders were cautious after India’s exports dip to $29.78 billion in October 2022 from $35.73 billion year-on-year. Besides, the trade deficit widened to $26.91 billion from $17.91 billion YoY.”

Power Grid: Buy – Target: 250; Upside: 16%

The stock closed as a top gainer on BSE and NSE, up over 2 per cent at Rs 216 a share level. Domestic brokerage firm Emkay Research maintained a Buy rating on the stock with a target of Rs 250 apiece, as it believes Power Grid offers a 6/7 per cent dividend yield with 5/6 per cent earnings CAGR.

Further, the brokerage believes that there will be higher spend on transmission assets, as more renewable energy (RE) additions take place in the sector.

ICICI Bank: BUY – Target: 1080; Upside: 18%

The stock also closed as one of the top gainers on the NSE and BSE during today’s session. It surged around 2 per cent to Rs 913 apiece level. Another brokerage firm Philip Capital believes ICICI Bank is best placed among peers given its strong digital capabilities to underwrite loan at accelerated pace.

The brokerage expects continued improvement in the return on risk weighted asset for the bank and is all set to be the highest in the industry by FY23, also expect earnings growth of +24%/20% in FY23e/24e translating into RoA of 2%/2.1%. It maintains Buy stance with a revised target of Rs 1080.

ITC: BUY – Target: 365; Upside: 6%

The FMCG major ITC ended as one of the top laggards on the NSE and BSE. The stock slipped over 0.5 per cent to Rs 245 per share levels. While near-term outlook is strong, Philip Capital expects a slowdown in growth post FY23 given the high base of the current year.

The brokerage expects incremental returns to accrue in a more calibrated manner and retains Accumulate stance with target price of 365 per share, implying an upside of 6 per cent.

Nifty50 Top Gainers: 

1) Power Grid shares ended at Rs 216.45, up around 2.5 per cent on the BSE from Monday’s closing price. 

2) ONGC shares ended at Rs 142.40, up over 2 per cent on the BSE from Monday’s closing price. 

3) ICICI Bank shares ended at Rs 913.20, up over 2 per cent on the BSE from Monday’s closing price. 

4) Bharti Airtel shares ended at Rs 837.10, up around 2 per cent on the BSE from Monday’s closing price.

5) Hero Moto shares ended at Rs 2,738.00, up around 2 per cent on the BSE from Monday’s closing price 

Nifty50 Top Losers: 

1) HDFC Life shares ended at Rs 533.40, down over 1 per cent on the NSE from Monday’s closing price. 

2) Grasim Industries shares ended at Rs 1,736.00, down around 1 per cent on the NSE from Monday’s closing price. 

3) Cipla shares ended at Rs 1,122.85, down over 0.5 per cent on the NSE from Monday’s closing price. 

4) ITC shares ended at Rs 345.50, down around 0.5 per cent on the NSE from Monday’s closing price. 

5) UPL shares ended at Rs 770.50, down around 0.5 per cent on the NSE from Monday’s closing price. 

Sensex Top Gainers: 

1) Power Grid shares ended at Rs 215.90, up over 2 per cent on the BSE from Monday’s closing price. 

2) ICICI Bank shares ended at Rs 912.10, up around 2 per cent on the BSE from Monday’s closing price. 

3) Bharti Airtel shares ended at Rs 835.10, up over 1.5 per cent on the BSE from Monday’s closing price. 

4) Ultratech Cement shares ended at Rs 6961.40, up over 1.5 per cent on the BSE from Monday’s closing price.

5) SBI shares ended at Rs 600.90, up around 1.5 per cent on the BSE from Monday’s closing price 

Sensex Top Losers: 

1) Bajaj Finserv shares ended at Rs 1705.35, down around 1 per cent on the BSE from Monday’s closing price. 

2) ITC shares ended at Rs 345.15, down over 0.5 per cent on the BSE from Monday’s closing price. 

3) Kotak Bank shares ended at Rs 2606.70, down 0.5 per cent on the BSE from Monday’s closing price.

4) Reliance shares ended at Rs 2606.70, down around 0.5 per cent on the BSE from Monday’s closing price. 

5) Sun Pharma shares ended at Rs 1013.00, down 0.33 per cent on the BSE from Monday’s closing price.