Top Gainers & Losers: RBI lifts mood of financials with rate hike pause; IT stocks end in red

Top Gainers & Losers: The Indian markets settled marginally higher in a volatile session, in continuation of the prevailing trend. After the initial downtick, the benchmark indices Nifty and Sensex surged strongly after the RBI MPC’s unchanged stance on key rates to settle at 17599 and 59,833; each up by 0.24 per cent.

A mixed trend on the sectoral front kept the traders busy wherein realty, financials and auto posted decent gains. The broader indices edged higher and gained in the range of 0.5-1 per cent.

Read more on the April 6 session in the Indian share market

“The stability on the global front has eased some pressure and now the focus would shift to earnings for cues. We expect some consolidation in Nifty citing multiple hurdles around the 17,600-17,700 zone,” Ajit Mishra, VP - Technical Research, Religare Broking said in its post-market comment.

However, the rotational buying across index majors would help in maintaining the positive tone, the market analyst said, advising market participants to continue with a stock-specific approach with a focus on overnight risk management.   

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

Bajaj Finance

Bajaj Finance shares ended as a top Nifty50 and Sensex gainer on Thursday. The stock surged more than 3 per cent to Rs 5,951 per share on the NSE.

Morgan Stanley has maintained an ‘overweight’ rating on the stock with a target price of Rs 8,000 per share. The brokerage is bullish on the stock mainly due to higher-than-expected loan growth according to the company’s Q4 business update.

Tata Motors

Tata Motors stock ended as among the top gainer on both the benchmark indices, up around 2.5 per cent to Rs 437.15 per share on the NSE.

Tata Motors should witness a gradual recovery as supply-side issues ease for Jaguar and Land Rover and commodity headwinds stabilised for the India business, Motilal Oswal said in its report on Tata group auto company, while maintaining a ‘buy’ rating with a target price of Rs 540 per share.

HCL Tech

HCL Tech shares closed as a top Nifty and Sensex laggard, down 1.63 per cent to Rs 1093.05 per share on the NSE.

Motilal Oswal has a ‘buy’ view on HCL Tech with a target price of Rs 1,360 per share as the brokerage expects the growth in IT Services to remain strong in the March quarter of the previous fiscal. HCL Tech is scheduled to report its fourth-quarter earnings on April 20, 2023.

Catch the latest updates on the first RBI policy review of the new financial year.

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(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)