Top Gainers & Losers: Nestle India and IndusInd Bank end rise among blue chip stocks, NTPC dips nearly 1%

Top Gainers & Losers: Indian equity benchmarks Sensex and Nifty closed higher for the third straight session on Wednesday amid buying in index major IndusInd Bank, Nestle India and HCL Tech. The 30-share BSE Sensex rose 169.87 points or 0.28 per cent to settle at 60,300.58 and NSE Nifty gained 44.3 points or 0.25 per cent to end at 17,813.60.

Power Grid led the Nifty gainers' chart, followed by Tata Consumer, Nestle India, IndusInd Bank, and SBI Life Insurance.

On the flip side, Hindalco, Adani Ports, Bajaj Auto, Bajaj Finserv and NTPC were among the main laggards.

"Tomorrow being the expiry of April month derivative contracts we can expect some volatility. Crucial support zone to watch out for are 17700 – 17680 and on the upside 17860 – 17880 shall act as an immediate hurdle zone and a break above that shall lead to a sharp rise towards the 18000 psychological mark. Overall, we shall continue to maintain our positive stance from short-term perspective for the target of 18100," said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

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

Nestle India

Nestle India stock was among the top gainers on Nifty50, it rose over 1 per cent to Rs 20,970 per share on the NSE.

Brokerage firm BOB Cap has given a 'buy' call on shares of Nestle India for a target price of Rs 22,860 apiece which is an upside of 9 per cent.

The brokerage believes that Nestle’s strategy of market penetration-led volume growth is yielding results and expects the company’s thrust on building volumes, deepening rural and semiurban reach, product innovation, and premiumisation to fuel its growth momentum.

Pic: NSE

IndusInd Bank

Shares of IndusInd Bank ended among the top gainers on Nifty50 on Wednesday, the stock rose over 1 per cent to Rs 1,138 per share on the NSE.

Sharekhan has given a ‘buy’ call on shares of IndusInd Bank for a target price of Rs 1,400 apiece which is an upside of 23 per cent.

According to the brokerage, a prolonged divergence between deposits and credit growth can result in investors focusing on relatively stronger liability franchise, as risks to a sharp increase in funding costs could be high. Thus, the near-term outlook looks stable to positive for the bank, except for the cost of deposits.

Pic: NSE

NTPC

NTPC stock ended among the major losers on NSE. Shares of NTPC dipped nearly 1 per cent and settled at Rs 169.95 apiece. 

The brokerage firm, Emkay Global Financial Service has given a ‘buy’ call on shares of NTPC for a target price of Rs 200 apiece which is an upside of 17.7 per cent.

Emkay expects an 8 per cent earnings per share CAGR in the medium term, with a 12.2 per cent return on equity.

Pic: NSE

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