Top Gainers & Losers: Bajaj Finance and HDFC Bank rise among blue chip stocks, ITC dips nearly 1%

Top Gainers & Losers: Indian equity benchmark indices ended nearly 1 per cent higher on Thursday amid continuous foreign fund inflows and buying in index majors HDFC twins and Reliance Industries. BSE Sensex climbed 555.95 points or 0.91 per cent to settle at 61,749.25 and NSE Nifty advanced 165.95 points or 0.92 per cent to end at 18,255.80.

From the Nifty50 firms, Adani Enterprises, Bajaj Finance, HDFC, SBI Life Insurance, and HDFC Bank were the biggest gainers.

HDFC climbed 2.59 per cent after the housing finance major on Thursday reported a 20 per cent growth in standalone net profit to Rs 4,425 crore for the quarter ending March 2023 on the back of higher interest income.

Conversely, IndusInd Bank, UPL, Nestle, Power Grid and ITC were the major laggards.

Here's a look at some of the blue-chip stocks that moved the most on Thursday:

Bajaj Finance 

Bajaj Finance stock was among the top gainers on Nifty50, it rose over 3 per cent to Rs 6,379 per share on the NSE.

Brokerage firm Anand Rathi has maintained 'buy' call on shares of Bajaj Finance for a target price of Rs 8,123 which is an upside of 27.3 per cent.

The brokerage is bullish on company's loan growth, high net interest margin, and steady asset quality.

Pic: NSE

HDFC Bank 

Shares of the private sector lender ended among the top gainers on Nifty50 on Thursday, the scrip rose over 2 per cent to Rs 1,729 per share on the NSE.

Elara Capital has recommended buying shares of HDFC Bank for a target price of Rs 2,013 apiece which is an upside of Rs 16.4 per cent.

"We, in our estimates, have factored in the entire impact of PSL shortfall in FY24. With this dispensation, the PSL cost, if any, may be felt only in FY25. Thus, as a result of consequent changes, we upgrade our FY24E earnings 2 per cent. Also, assuming that the stake in HDFC Life insurance may rise to 51, our subsidiary consideration in SoTP has also changed," Elara Capital said.

Pic: NSE

ITC

ITC stock ended among the major losers on NSE. Shares of the cigarette-to-hotel conglomerate dipped nearly 1 per cent and settled at Rs 424.15 apiece.

Brokerage firm, Sharekhan has given a ‘buy’ call on shares of  Bharti Airtel for a target price of Rs 450 apiece which is an upside of 6.1 per cent.

The brokerage believes that compared to other large peers, ITC has much better earning visibility (15 per cent CAGR over FY2022-FY2025).

Pic: NSE

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