Top Gainers & Losers: These metal and FMCG large-cap stocks may surge up to 13% as Nifty, Sensex extend winning momentum

Top Gainers, Losers: The domestic markets closed positive for the second straight session on Tuesday as the benchmark indices BSE Sensex and Nifty50 ended over 0.6 per cent higher, following firm global cues.

Extending its previous day's rally, the BSE Sensex jumped 361.01 points or 0.60 per cent to settle at 60,927.43, while NSE Nifty climbed 117.70 points or 0.65 per cent to end at 18,132.30.

From the Sensex pack, Tata Steel, Tata Motors, Larsen & Toubro, Asian Paints, Wipro, Bajaj Finance, ICICI Bank, Tech Mahindra, and Titan were the major gainers. Hindustan Unilever, ITC, Mahindra & Mahindra, and Nestle were the laggards.

Narendra Solanki - Head - Fundamental Research - Investment Services at Anand Rathi Shares & Stock Brokers, said, “The Indian markets opened on a positive note following positive trade in Asian markets as China reopens its economy and gradually ends zero-covid policy giving a boost to sentiments and raising hopes of a recovery.”

"During the day, cyclical sectors outperformed their peers and were trading with significant gains while FMCG and Healthcare traded in red," he added.

Here are the three large-cap stocks that were among the top gainers/losers on Tuesday

Hindalco Industries: Buy – Target: Rs 530; Upside: 13%

Shares of Hindalco Industries closed as top Nifty50 gainer on Tuesday. The stock gained over 6 per cent to Rs 470 per share on the NSE as compared to a 0.65 per cent rise in the Nifty50 Index.

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"The long-term outlook for Hindalco continues to remain buoyant, given its subsidiary Novelis – maintaining medium-term EBITDA/t guidance; improving trajectory for India aluminium business given thermal coal price correction, among others," Ashutosh Somani of JM Financial said in a report.

The domestic brokerage reiterates a Buy stance on the stock with a target price of Rs 530 apiece, implying 13 per cent upside in the counter from today’s closing.

Tata Steel: Buy – Target: Rs 125; Upside: 13%

Shares of Tata Steel closed as top Sensex gainer on Tuesday. The scrip zoomed almost 6 per cent to Rs 111.15 per share on the BSE as against a 0.6 per cent rise in the BSE Sensex index.

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“We believe Tata Steel is well positioned to deliver on its earnings-accretive projects, namely the 6mpta pellet plant, 2mtpa cold rolling mill, 5mtpa TSK (Tata Steel Kalinganagar) expansion, and 5mtpa NINL (Neelachal Ispat Nigam Limited) expansion over FY23-FY26,” Kirtan Mehta of BoB Caps said in a report.

The brokerage maintained a Buy rating on the stock with a target price of Rs 125 per share, implying almost 13 per cent upside in the scrip from today’s closing price.

Hindustan Unilever: Buy – Target: Rs 2,798; Upside: 8%

Shares of Hindustan Unilever closed as top Nifty50 and Sensex loser on Tuesday. The stock slipped nearly 1 per cent to Rs 2,593 per share on the NSE.

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According to domestic brokerage Prabhudas Lilladher’s report on HUL, it maintained Accumulate on the stock with a target price of Rs 2,798 per share, implying 8 per cent upside in the stock. The brokerage estimates a 16.6 per cent profit CAGR (Compound Annual Growth Rate) over FY22-25.