Britannia, Sun Pharma end as top Nifty & Sensex gainers among heavyweights; Eicher Motor shares crack over 2%

Nifty, Sensex Top Gainers & Losers: The benchmark indices such as Sensex plummeted 879 points while the Nifty crashed below the 18,415 mark on Thursday, in tandem with a global sell-off after the US Federal Reserve increased the interest rate and signalled more hikes in its fight against inflation.

Reversing its two-day winning run, the 30-share BSE Sensex tanked 878.88 points or 1.40 per cent to finish at 61,799.03. The broader NSE Nifty plummeted 245.40 points or 1.32 per cent to end at 18,414.90.

Tech Mahindra was the biggest laggard among Sensex components, tumbling 3.98 per cent, followed by Infosys, Titan, HDFC, ITC, HDFC Bank, Tata Steel and TCS. Only Sun Pharma, NTPC and M&M managed to close in the green, rising up to 0.16 per cent.

"IT stocks led to pessimism in the domestic market as recession fears grew in the global economies following the Fed's comments. The market now awaits the BoE (Bank of England) and ECB (European Central Bank) decisions, which are likely to follow a half-point hike," said Vinod Nair, Head of Research at Geojit Financial Services, according to a  PTI report.

Britannia: Buy – Target: Rs 5000

Shares of Britannia Industries closed as top Nifty gainer on Thursday. The stock ended over 1 per cent higher to Rs 4,460.00 per share on the NSE.

Vishal Gutka, Research Analyst, Phillip Capital, said, “We continue to like the company’s management narrative of driving top line and bottom-line growth by strengthening power brands via innovation and re-launches and premiumization, enhancing direct reach.”

The brokerage maintained a Buy rating on the stock with a target price of Rs 5,000 apiece on the estimation that the volume growth momentum to sustain.

Sun Pharma: ADD — Target Rs 1,120; Upside of 12.8%

Shares of Sun Pharma closed as top Sensex gainer on Thursday. The stock ended flat with positive bias at Rs 1000.70 per share on the BSE.

Samitinjoy Basak, Research Analyst, Kotak Institutional Equities believes Sun’s specialty business is close to break-even; as sales scale up further, the medium-term margin outlook is sanguine. The brokerage maintained an ADD rating on the stock with a target price of 1,120 per share.

Eicher Motor: Accumulate – Target: Rs 3999

Shares of Eicher Motor among top Nifty loser on Thursday. The stock ended over 2 per cent lower to Rs 3,299.10 per share as against over 1 per cent fall in the Nifty index.

“We have assigned 27x multiple to Royal Enfield’s Sept’24 estimated EPS of Rs131 and assigned 10x to Sep ’24 estimated VECV EBITDA of ~Rs9.8bn to arrive at a target of 3,999 a share, recommending Accumulate rating,” Amit Hiranandani, Research Analyst, SMIFS Limited, said.

Nifty50 Top Gainers:

1) Britannia shares ended at Rs 4,460.00, up over 1 per cent on the NSE from Wednesday’s closing price.

2) Hero Moto Steel shares ended at Rs 2,769.00 up around 1 per cent on the NSE from Wednesday’s closing price.

3) NTPC shares ended at Rs 172.30 up 0.4 per cent on the NSE from Wednesday’s closing price.

4) SBI Life shares ended at Rs 1,274.00, up 0.3 per cent on the NSE from Wednesday’s closing price.

5) Sun Pharma shares ended at Rs 1,001.00, up 0.07 per cent on the NSE from Wednesday’s closing price

Nifty50 Top Losers:

1) Tech Mahindra shares ended at Rs 1,024.50 down around 4 per cent on the NSE from Wednesday’s closing price.

2) Titan shares ended at Rs 2,520.50, down around 3 per cent on the NSE from Wednesday’s closing price.

3) Infosys Airtel shares ended at Rs 1,539.95 down over 2.5 per cent on the NSE from Wednesday’s closing price.

4) Grasim shares ended at Rs 1,779.00, down over 2 per cent on the NSE from Wednesday’s closing price.

5) Eicher Motor shares ended at Rs 3,299.10, down over 2 per cent on the NSE from Wednesday’s closing price.

Sensex Top Gainers:

1) Sun Pharma shares ended at Rs 1001.55, up 0.16 per cent on the BSE from Wednesday’s closing price.

2) NTPC shares ended at Rs 172.05, up 0.06 per cent on the BSE from Wednesday’s closing price.

3) M&M shares ended at Rs 1286.85, up 0.05 per cent on the BSE from Wednesday’s closing price.

Sensex Top Losers:

1) Tech Mahindra shares ended at Rs 1022.70, down by around 4 per cent on the BSE from Wednesday’s closing price.

2) Infosys shares ended at Rs 1539.40, down over 2.5 per cent on the BSE from Wednesday’s closing price.

3) Titan shares ended at Rs 2523.35, down over 2.5 per cent on the BSE from Wednesday’s closing price.

4) HDFC shares ended at Rs 2671.95, down over 2 per cent on the BSE from Wednesday’s closing price.

5) ITC shares ended at Rs 338.80, down around 2 per cent on the BSE from Wednesday’s closing price.