Nifty, Sensex Top Gainers, and Losers: UltraTech, Eicher gain; Dr Reddy’s among top laggards – what should investors do?

Nifty, Sensex Top Gainers, and Losers: The Indian markets witnessed buying sentiment on Monday as both the benchmark indices closed over 1 per cent higher amid positive global cues. The frontline indices – Nifty and Sensex – settled at key levels today, above 18000 and 60700, respectively.

Almost all sectoral indices closed in the green, in this Nifty Auto and IT both closed nearly 1.5 per cent, followed by the Nifty Pharma index up over 1 per cent. The stocks that gained the most were UltraTech, Eicher Motors and M&M, while Dr Reddy’s was among the top laggards today.

UltraTech Cement

The cement major is expanding grinding capacity domestically to 131mtpa/154mtpa by FY23E/FY25-26E which offers the company strong growth visibility, Motilal Oswal said in its report, expecting sales volume growth of 9 per cent in FY23/24.

The domestic brokerage added a strong balance sheet – net debt to EBITDA stood at 0.77x v/s 3x in FY19 – will help the company to pursue growth opportunities.

The stock at current price is trading at 14.2x/12.4x FY24E/FY25E EV/EBITDA, Motilal said, reiterating a Buy rating on the stock by valuing it at 15.5x Sep’24E EV/EBITDA at a target price of Rs 7,510 apiece.

Eicher Motors

The volume growth of Eicher Motor will drive higher operating leverage, which along with the correction in commodity prices, should lead to EBITDA margin expansion over FY22-25, according to Axis Securities.

It rolls forward valuation from Mar’24 to Sep’24 and upgraded the rating on the stock to Buy with a revised target price of Rs 4,125 apiece.

Dr Reddy

The stock had opened higher reacting to Q2 results released on Friday, however, it closed as one of the top laggards during today’s positive session.

Macquarie gives outperform rating on Dr Reddy’s, with a target of 4,915 apiece, and said management reiterated its medium-term margin and RoCE guidance of 25 per cent.

Also Read: Why is Sensex, Nifty rising? 4 factors behind today's strong Stock Market rally

Nifty50 Top Gainers:

1) UltraTech Cement shares ended at Rs 6,709, up over 4 per cent on the NSE from Friday’s closing price.

2) Eicher Motor shares ended at Rs 3,855, up around 3 per cent on the NSE from Friday’s closing price.

3) M&M shares ended at Rs 1,349.90, up around 3 per cent on the NSE from Friday’s closing price.

4) HDFC shares ended at Rs 2,470, up around 3 per cent on the NSE from Friday’s closing price.

5) L&T shares ended at Rs 2,031.45, up around 3 per cent on the NSE from Friday’s closing price.

Nifty50 Top Losers:

1) Apollo Hospital shares ended at Rs 4,510.00, down over 1 per cent on the NSE from Friday’s closing price.

2) Dr Reddy shares ended at Rs 1,844.50, down around 1 per cent on the NSE from Friday’s closing price.

3) Tata Steel shares ended at Rs 101.10, down around 0.5 per cent on the NSE from Friday’s closing price.

4) Britannia shares ended at Rs 3,763.55, down around 0.4 per cent on the NSE from Friday’s closing price.

5) NTPC shares ended at Rs 173.45, down around 0.3 per cent on the NSE from Friday’s closing price.

Sensex Top Gainers:

1) Ultratech Cement shares ended at Rs 6713.35, up over 4 per cent on the BSE from Friday’s closing price.

2) HDFC shares ended at Rs 2469.75, up around 3 per cent on the BSE from Friday’s closing price.

3) Sun Pharma shares ended at Rs 1017, around 3 per cent on the BSE from Friday’s closing price.

4) M&M shares ended at Rs 1346.75, up over 2.5 per cent on the BSE from Friday’s closing price.

5) HDFC Bank shares ended at Rs 1496.40, up over 2.5 per cent on the BSE from Monday’s Friday’s closing price.

Sensex Top Losers:

1) Dr Reddy’s shares ended at Rs 4431.40, down over 0.5 per cent on the BSE from Friday’s closing price.

2) NTPC shares ended at Rs 173.10, down over 0.5 per cent on the BSE from Friday’s closing price.

3) IndusInd Bank shares ended at Rs 1142.70, down around 0.5 per cent on the BSE from Friday’s closing price.