Top Gainers & Losers: Asian Paints, M&M rally most; Cipla cracks around 5%; heres what analysts recommend
Top Gainers & Losers: The Indian markets are not seeing respite despite the oversold positions however the pace of decline has subsided in recent sessions, according to the analyst. Asian Paints, Mahindra & Mahindra were among the top gainers on the Sensex, while Cipla tumbled most by nearly 5 per cent on the NSE today.
Top Gainers & Losers: The Indian markets extended losses for yet another session and settled with a cut of nearly half a percent. The tone was positive initially but selling resumed as the session progressed.
The benchmark indices – Nifty50 and BSE Sensex – finally settled at 17303.95 and 58,962.12 levels, respectively on Tuesday.
On the sectoral front, most indices traded under pressure however selective buying in auto, and realty pack combined with a rebound on the broader front kept the traders busy.
Markets are not seeing respite despite the oversold positions however the pace of decline has subsided in the recent sessions, Ajit Mishra, VP - Technical Research, Religare Broking Ltd said.
“We expect Nifty to respect the 17100-17200 zone thus a possibility of consolidation is high. Meanwhile, investors should focus on stock-specific opportunities based on sectoral trends and limit leveraged positions,” he added.
Here are some blue-chip stocks that saw maximum buzz on Tuesday, February 28, 2023:
Asian Paints
Asian Paints shares ended as a top gainer on the Sensex. It settled at Rs 2,833 per share, up over 3 per cent from the previous day’s closing on the BSE.
Auto stocks were anyway in focus on Tuesday mainly due to Street’s high expectations regarding February auto sales, which are scheduled to be out on March 1, 2023. M&M shares ended among the top BSE gainer, up around 2 per cent to Rs 1,280 per share.
Cipla stock has been on a declining trend since last week, the counter slipped around 5 per cent to Rs 905.8 per share on the NSE today. Recently, the US health regulator issued eight observations on the pharma major’s manufacturing facility in Pitampur, Madhya Pradesh.
Cipla has witnessed slower growth in its India Pharma market’s (IPM) sales as well in January 2023, compared with the industry’s average growth, Sharekhan said in its report, while maintaining a ‘hold’ rating with a target price of Rs 1,080 per share, which translates to 19 per cent upside.
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