Nifty, Sensex Top Gainers, and Losers: The Indian markets snapped a four-day winning streak to close negative on Wednesday as both the benchmark indices closed lower by around 0.4 per cent amid mute global cues. Nifty and Sensex settled at key levels today, above 18000 and 60000, respectively.  

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Except for Nifty Metal, Pharma, and Media almost all sectoral indices closed negative. Nifty Auto, IT and Banks dragged the frontline indices most during today’s session. Among heavyweights - Hindalco, Sun Pharma, ITC and Tech Mahindra gained the most while Bharti Airtel and Maruti were top laggards.  

Sun Pharma: BUY – Target: 1,150 

The stock has reacted to better-than-expected second-quarter results for the financial year 2022-23 (Q2FY23). On Tuesday, it has touched a new 7-year high and closed between 1.5-2 per cent at Rs 1051 levels on the exchanges. 

Aided by higher gross margins and lower-than-expected operational expenditure, Sun Pharma delivered a solid operating beat in Q2FY23. Kotak Institutional Equities stay positive on stock and expect global specialty sales to report a healthy CAGR of 14.4 per cent over FY2022-25E.  

The brokerage expects a rising specialty mix to structurally aid Sun’s gross margins, leading to a robust EPS CAGR of 14.5 per cent over FY2022-25E, retains ADD stance with a target of Rs 1,150. 

ITC: BUY – Target: 365 

While the near-term outlook is strong, Prabhudas Lilladher expects a slowdown in growth post FY23 given the high base of the current year. ITC trades at 21.0x Dec’24 EPS with 11.8 per cent EPS CAGR over FY22-25. 

The brokerage expects incremental returns to accrue in a more calibrated manner and said any punitive increase in cigarette taxes is a key risk to their call. It retains Accumulate stance with a target of Rs 365 on a short-term basis. 

Bharti Airtel: BUY – Target: 1,010 

Bharti Airtel shares have delivered a 25 per cent return in the last four months. It is trading at 7x FY23E consolidated EV/EBITDA, with the India business trading at 10x. Motilal Oswal said it is expecting 19% consolidated EBITDA CAGR over FY22-24, led by good 23%/16% growth in India Mobile/Africa. 

The brokerage values Airtel on an FY24 basis, assigning an EV/EBITDA ratio of 12x/5x to the India Mobile/Africa business, arriving at a target of Rs 1,010, while maintaining a Buy rating. It expects a better valuation multiple, given the consistent 20% growth opportunity.  

Below is the list of top gainers and losers on NSE, BSE

Nifty50 Top Gainers:  

1) Hindalco shares ended at Rs 421, up over 1.5 per cent on the NSE from Tuesday’s closing price.  

2) Sun Pharma shares ended at Rs 1,051.6, up around 1.5 per cent on the NSE from Tuesday’s closing price.  

3) ITC shares ended at Rs 354, up over 1 per cent on the NSE from Tuesday’s closing price.  

4) ONGC shares ended at Rs 136.5, up 1 per cent on the NSE from Tuesday’s closing price.  

5) Tech Mahindra shares ended at Rs 1,079.50, up around 1 per cent on the NSE from Tuesday’s closing price.  

Nifty50 Top Losers:  

1) Airtel shares ended at Rs 810.10, down over 3 per cent on the NSE from Tuesday’s closing price.  

2) Apollo Hospital shares ended at Rs 4,380, down around 3 per cent on the NSE from Tuesday’s closing price.  

3) Maruti shares ended at Rs 9,224.15, down around 2.5 per cent on the NSE from Tuesday’s closing price.  

4) Eicher Motor shares ended at Rs 3,732, down around 2 per cent on the NSE from Tuesday’s closing price.  

5) Britannia shares ended at Rs 3,733, down around 1.5 per cent on the NSE from Tuesday’s closing price.  

Sensex Top Gainers:  

1) Sun Pharma shares ended at Rs 1051.75, up around 2 per cent on the BSE from Tuesday’s closing price.  

2) ITC shares ended at Rs 354.4, up around 1.5 per cent on the BSE from Tuesday’s closing price.  

3) Tech Mahindra shares ended at Rs 1081.70, up around 1 per cent on the BSE from Tuesday’s closing price.  

4) Reliance Infosys shares ended at Rs 2545.40, up over 0.5 per cent on the BSE from Tuesday’s closing price.  

5) Wipro shares ended at Rs 393.90, up around 0.4 per cent on the BSE from Tuesday’s closing price.  

Sensex Top Losers:  

1) Airtel shares ended at Rs 809.90, down over 3 per cent on the BSE from Tuesday’s closing price.  

2) Maruti shares ended at Rs 9228.25, down around 2.5 per cent on the BSE from Tuesday’s closing price.  

3) HUL shares ended at Rs 2517.15, down over 1 per cent on the BSE from Tuesday’s closing price.  

4) Infosys shares ended at Rs 1552.45, down over 1 per cent on the BSE from Tuesday’s closing price. 

5) HCL Tech shares ended at Rs 1046.35, down over 1 per cent on the BSE from Tuesday’s closing price.