Top Gainers & Losers: Nestle India and Wipro rise among blue chip stocks, Axis Bank dips over 2%

Top Gainers & Losers: Indian equity benchmark Sensex rose over 460 points and reclaimed the 61,000 mark while the Nifty closed above the 18,000 level on Friday, propelled by robust buying in index majors Reliance Industries and ITC amid fresh foreign fund inflows.

Rallying for the fifth straight session, BSE Sensex jumped 463.06 points or 0.76 per cent to settle at 61,112.44 and NSE Nifty advanced 149.95 points or 0.84 per cent to finish at 18,065.

Adani Enterprises was the biggest gainer in the Nifty pack, followed by Adani Ports, Nestle, Wipro, and Britannia.

In contrast, Axis Bank, Titan, ONGC, JSW Steel, and Cipla were the major laggards.

"As long as the Nifty continues to trade above 17800 – 17780 support zone we expect the positive momentum to continue. The midcap index which broke out of a consolidation in the previous trading session is up by more than 1 per cent  today. Overall, the positive outlook remains intact and a close above 18100 shall lead to a further upside till 18370 where resistance in the form of the weekly upper Bollinger band is placed," 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 Friday:

Nestle India 

Nestle India stock was among the top gainers on Nifty50, it rose over 2 per cent to Rs 21,750 per share on the NSE.

Brokerage firm, Axis Securities has recommended buying shares of Nestle India for a target price of Rs 23,000 which is an upside of 5.7 per cent.

Axis Securities believes that Nestle has all the right levels for growth in the long run.

Pic: NSE

Wipro

Shares of IT major, Wipro ended among the top gainers on Nifty50 on Friday, the scrip rose over 2 per cent to Rs 384.7 per share on the NSE.

Centrum Broking has maintained a 'reduce' rating on shares of the IT major for a target price of Rs 373 apiece which is a downside of Rs 3 per cent.

According to Centrum Broking, there is a risk for the company from the slowing macroeconomic environment along with lower-than-expected revenue growth.

Pic: NSE

Axis Bank 

Axis Bank stock ended as the major loser on NSE. Shares of the private lender dipped over 2 per cent and settled at Rs 860 apiece. 

Brokerage firm, ICICI Securities has maintained a ‘buy’ call on shares of Axis Bank for a target price of Rs 881 apiece which is an upside of 2.4 per cent.

According to ICICI Securities, while Axis Bank has strong internal accrual, it could look to raise capital, which should propel even stronger growth.

Pic: NSE

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