Top Gainers & Losers: Titan glitters most amid weak market trends; Adani-Hindenburg row continues to batter SBI

Top Gainers & Losers: The Indian markets started the week on a feeble note, losing nearly half-a-percent amid weak global cues. After a flat start, the benchmark indices gradually drifted lower as the day progressed, however a marginal rebound in the latter half trimmed some losses.

The BSE Sensex settled at 60431.84 losing 250 points or 0.41 per cent, and Nifty50 ended at 17770.90 sliding 85 points or 0.48 per cent. 

Meanwhile, profit-booking in the IT majors largely weighed on the sentiments. The pressure was visible on the broader front too, wherein both midcap and smallcap lost over a percent each.

The dip in the index has pushed the bulls slightly on the backfoot, but they are not out of the game yet, Ajit Mishra, VP - Technical Research, Religare Broking Ltd said in his post market comment.

A decisive close below 17650 in Nifty could turn the bias in the favor of further fall else range-bound move would continue, the analyst at Religare Broking added, advising market participants to focus on stock-specific opportunities and to maintain positions on both sides.

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

Titan

Shares of Titan ended as a top gainer on Nifty50 and BSE Sensex indices, rising by 2 per cent to Rs 2519.75 per share on the NSE.

“We have cut FY24-25 EPS estimates by 7-10 per cent to account for lower-than-expected Q3 results amid increased competitive intensity and higher volatility in gold price which will eventually lead to deferment of demand,” Vishal Gutka, research analyst at Philip Capital said in his report.

The brokerage continued to maintain a ‘Buy’ rating on the stock with a target price of Rs 2700 per share, which translates to a 7 per cent upside from Monday’s closing price.

Larsen and Toubro (L&T)

L&T shares concluded today’s session in the green, growing by almost 2 per cent to Rs 2203.5 on the NSE.

“We believe that L&T is well‐placed to emerge stronger, given its financial, technical, and managerial capability for sustaining and gaining market share,” Harsh Tewaney of YES Securities said in a report.

The brokerage maintained an ‘Add’ rating with a revised target of Rs 2,338 a share as it remains positive on L&T’s strong business model, robust bid pipeline, and diversified order book.

State Bank of India (SBI)

SBI shares closed as a top laggard on BSE Sensex, dipping nearly 3 per cent to Rs 537.3 per share on the BSE.

SBI shares have been battered lately by the Adani-Hindenburg row. Till date there have been no repayment issues, as loans are backed with cash-generating assets and no finance is extended against the promoter’s equity, according to the analyst at Prabhudas Lilladher, a domestic brokerage firm.

The brokerage maintained a ‘Buy’ rating on the stock with a target price of Rs 730 apiece, implying a 36 per cent rise from Monday’s closing.