Top Gainers & Losers: Bajaj Finance, Wipro lead rally; L&T cracks nearly 2% - Check target price

Gainers and Losers: Frontline indices resumed recovery after two days of subdued move and gained nearly 1 percent, supported by upbeat global cues. After a firm start, the NSE Nifty 50 gradually inched higher as the day progressed and closed at 17871.70 which was up by 0.85 per cent or 150.20. Likewise, BSE Sensex ended 0.63 per cent or 377.75 points higher at 60,663.79.

The broader indices too ended higher and gained nearly 1 percent each.

Ajit Mishra, VP - Technical Research, Religare Broking Ltd, believes that global indices combined with earnings will dictate the trend ahead with all the major events behind us.

He said that the rebound has certainly eased pressure but a decisive close above 17900 in Nifty is critical for any sustained recovery.

Analysts have reiterated their preference for IT, FMCG and select banking and auto pack and suggest focusing on identifying opportunities from these sectors.

Also Read: Layoffs in 2023: How to manage your finances amid job cuts

Here are some blue-chip stocks that saw maximum buzz today:

Bajaj Finance

Bajaj Finance stock rallied by Rs 174.65 or 2.83 per cent at Rs 6,335.20 apiece on NSE.

Image Source: NSE

Brokerage firm Nirmal Bang has maintained a ‘Buy’ call on Bajaj Finance stock with a target price of Rs 7,107.

According to the report, Bajaj Finance plans to foray into multiple product lines going forward.

Wipro

Wipro stock rose 1.82 per cent or Rs 7.30 at Rs 4,434 apiece on BSE.

Image Source: NSE

Brokerage firm Nirmal Bang has maintained a ‘Sell’ call on Wipro stocks at a target price of Rs 347 per share.

According to the report, Wipro believes that 16.3 per cent will be its new base of Earnings Before Interest and Taxes (EBIT) margin. But with pricing being a challenge due to both macro conditions as well as higher number of cost takeout deals, brokerage believes it will be tough to achieve its aspirational target of 17.5 per cent EBIT margin in the foreseeable future.

L&T

Shares of L&T ended in red by 1.48 per cent or Rs 32.05 at Rs 2,133.25 apiece.

Image Source: NSE

BOB Capital Markets has retained ‘Buy’ on L&T stock and has revised the target price from Rs 2,390 to Rs 2,440 apiece.

The brokerage believes that L&T remains the best play on India’s capex story, as the management remains confident of exceeding its revenue and order flow guidance of 13-15 per cent growth for the fiscal year.

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