Top Gainers & Losers: Auto stocks vroom on strong sales; BPCL dips 4% amid higher curde oil

Top Gainers & Losers: The domestic markets settled with gains for the third straight session on Monday, helped by buying in auto, banking, and capital goods shares despite a spike in crude oil prices.

The BSE Sensex rose 114.92 points or 0.19 per cent to close at 59,106.44 points; while the NSE Nifty advanced 38.30 points or 0.22 per cent to close at 17,398.05 points.

Read more on the April 3 session in the Indian share market

While gains in auto, capital goods, and banking and financial shares supported the uptrend, selling in IT, FMCG and metal shares restricted the gains in the key indices.

"Investors were of the view that the easing price pressure would provide the central bank with leeway to pause the rate hike. However, the surprise production cut by OPEC+ has fuelled concerns about inflationary pressure, which may prompt central banks to remain hawkish," Vinod Nair, Head of Research at Geojit Financial Services, said.

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

Hero MotoCorp

On the back of strong March sales figures, Hero MotoCorp shares ended as a top Nifty50 gainer. The counter rose almost 3.5 per cent to Rs 2429 apiece on the NSE.

Hero MotoCorp is on a path to market share recovery and backed by action on all fronts including multiple product launches which are lined up in the coming quarters, Pratik Prajapati, an analyst at Anand Rathi said in a report on two-wheeler maker.

The brokerage maintained a ‘buy’ rating on Hero MotoCorp with a revised target price of Rs 2,855 per share, implying a 17.5 per cent upside potential on the stock.

Maruti Suzuki

Amid robust March sales and a price hike announcement aided Maruti Suzuki share price to close as the top Sensex gainer on Monday. The stock jumped 2.5 per cent to Rs 8500 per share on the BSE.

Maruti Suzuki on Saturday reported their highest-ever dispatches to dealers last fiscal, enabling the domestic passenger vehicle industry to log in best-ever performance to date. Besides, it has also increased the prices of its vehicles with effect from April 1, 2023.

YES Securities recommended an ‘add’ call on Maruti Suzuki with a target price of Rs 10,766 per share, which implies a nearly 27 per cent upside in the stock.

BPCL

Shares of Bharat Petroleum Corporation Limited (BPCL) concluded as a top laggard on Nifty50. The stock slipped more than 4 per cent to Rs 330.25 a share on the NSE.

State-owned oil marketing company BPCL shares declined in reaction to higher international crude oil prices as OPEC+, Saudi Arabia announced on Sunday to cut oil output.

Elara Capital has an ‘accumulate’ rating on BPCL with a target price of Rs 364, which translates into an upside of 10 per cent.

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