Top Gainers, Losers: Auto majors Tata Motors, Maruti help markets end in green – Check analysts' recommendation

Top Gainers, Losers: The Indian markets ended almost unchanged in a volatile trading session, in continuation to the prevailing consolidation phase. The Nifty50 and BSE Sensex – gradually drifted lower as the session progressed, however buying in the select heavyweights capped the downside.

The BSE Sensex closed marginally up by 37.08 points or 0.06 per cent to 60,978.75 with 15 of its stocks ending in green and the rest in red. While the NSE Nifty closed flat at 18,118.30 with 29 of its shares ending in red and 21 in green.

Meanwhile, the sectoral indices traded mixed wherein auto and IT managed to post decent gains while realty, metal, and pharma lost nearly a percent each. The broader indices continued their underperformance and that resulted in weak market breadth.

Also Read: Tata Motors, Maruti Suzuki, Bajaj Auto shares give Nifty Auto a firm lift – what’s powering the rally

Ajit Mishra, VP - Technical Research at Religare Broking expects the choppiness to continue, thanks to the scheduled expiry of January month derivative contracts, and advised that traders should limit their leveraged positions and wait for clarity.

Tata Motors

Tata Motors share ended as a top Nifty50 and BSE Sensex gainer on Tuesday. The auto stock jumped more than 3 per cent to Rs 422 per share on the NSE. The Tata Group auto company will announce its December quarter earnings for FY23 on Wednesday, January 25, 2023.

Also Watch: Tata Motors Q3FY23 Results: How Much Profit Is Possible In The December Quarter?

ICICI Securities technical analyst Raj Deepak Singh believes Tata Motors should lead the rally and is well placed to move towards Rs 465-470 levels going forward. The brokerage recommends buying the plain vanilla Call options at current levels due to lower volatility.

Maruti Suzuki

Maruti Suzuki share closed among top Nifty and Sensex gainers on Tuesday. The counter jumped more than 3 per cent to Rs 8,696.00 apiece on the NSE. The buying sentiment in the stock was mainly seen amid higher-than-expected December quarter earnings released today.

Also Read: Maruti Suzuki wins hearts on D-Street with more than two-fold jump in profit, 310 bps surge in margin

"We maintain a long-term positive view on Maruti as renewed efforts, especially in the SUV space, resulting in strong response for recently launched models," SMIFS analyst Amit Hiranandani said in a note, maintaining an 'Accumulate' rating with a target price of Rs 9,980 per share.

Axis Bank

Axis Bank shares pared gains made earlier in the session today, to end as a top Nifty and Sensex loser on Tuesday. The stock slumped around 2.5 per cent to Rs 910.30 per share on the NSE as profit booking hit the private lender stock.

Also Read: Axis Bank shares fall after strong results. Should you buy, hold or sell the stock now?

YES Securities analyst Siddharth Rajpurohit reiterated a 'BUY' rating on Axis Bank, with a revised price target of Rs 1300 per share. The brokerage noted that the private bank’s conservative approach to asset quality recognition continued, even as outcomes remained under control in the absolute sense.