Market Watch: Sensex, Nifty trade in green; Tata Motors still leading the pack

Stock markets today: The benchmark S&P BSE Sensex was trading 219.22 points or 0.37 per cent higher at 60,052.19 levels in the noon trade on April 10 while the NSE Nifty was up 80.85 points or 0.46 per cent higher at 17,680. 

Tata Motors was still leading the pack with nearly 6 per cent gains. The stock gained by as much as Rs 35.6 or 8.1 per cent to Rs 473.1 apiece in the morning trade after three brokerages - Nomura, BofA, and CLSA, upgraded the stock to 'buy' 

On Thursday, Tata Motors reported an eight per cent year-on-year increase in group global wholesales to 3,61,361 vehicles in the quarter ended March 2023. The sales figure included Jaguar Land Rover, whose popular models include Range Rover Evoque, Range Rover Sport, Discovery Sport and Jaguar F-PACE. 

Goldman Sachs revised its target price for Tata Motors from Rs 480 to Rs 550, implying upside potential of 25.7 per cent compared with its previous close.   

On the other hand, Maruti Suzuki India was down over a per cent to Rs 8,425.85 apiece after Goldman Sachs downgraded the stock to neutral with a target price of Rs 8,800/share from Rs 11,000/share. The brokerage said the downgrade was due to persistent weakness in small car demand.

Gas distribution companies' shares were mixed. Gujarat Gas was up 0.11 per cent while Indraprastha Gas was up 0.23 per cent at Rs 463.90.

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ONGC was up over 2 per cent at Rs 153.90 after the company informed that its board has approved the acquisition of a 23.04 per cent stake in Mangalore Special Economic Zone Ltd.

In the broader market, both the S&P BSE SmallCap index and the S&P BSE MidCap index were outperforming the benchmark indices. 

On the sectoral front, realty stocks jumped the most as the S&P BSE Realty index traded 1.73 per cent higher at 3,290.68 levels. Godrej Properties was the top gainer with over 6 per cent gains.

On the BSE, the top five gainers were Tata Motors DVR, Tata Motors, CreditAccess Grameen, Godrej Properties, and Rossari Biotech (up between 7.5 - 5 per cent).

CreditAccess Grameen jumped in the early trade after the microfinance lender's disbursements improved to Rs 7,171 crore in Q4, thus registering a growth of 24 per cent YoY.

On the other hand, the top losers on the BSE were - Symphony Ltd, Subex, Brightcom Group and Dhani Services.