Top Gainers & Losers: Tech Mahindra sole gainer on Sensex amid bloodbath on D-Street; IndusInd cracks over 7%

Top Gainers & Losers: The Indian markets started the week on a feeble note and lost nearly one and a half percent, in continuation to the prevailing trend.  After the initial uptick, the Nifty and Sensex gradually drifted lower as the day progressed and settled at 17,154.30 and 58,237.85, respectively.

The selling pressure was widespread as all sectors plunged into the sea of red with banking, auto and IT majors beaten down badly. The broader indices too plunged sharply lower and lost nearly 2 per cent each.

The market breadth of the Nifty 500 remains weak, with 457 stocks declining and only 42 advancing. In Nifty stocks, Tech Mahindra, Apollo Hospital, Britannia and ONGC were the only gainers while IndusInd Bank, SBI and Tata Motors were the prime laggards.

The move shows that participants are not comfortable, citing the US banking crisis and reducing positions, ignoring the news of the bailout, Ajit Mishra, VP - Technical Research, Religare Broking.

Banking and financials were acting as saviors earlier, but the tone has changed completely now, which is further adding to their worries, according to the analyst at Religare Broking.

“We reiterate our negative view and eye the 17,000 level as immediate support in Nifty. Traders should align their positions accordingly,” Mishra said in its post market view.

Tech Mahindra

Tech Mahindra shares made the biggest intraday jump and eventually closed as a top gainer on Nifty50 and BSE Sensex. It was the only gainer among the 30-share Sensex pack in otherwise weak market. The stock ended nearly 7 per cent higher to Rs 1,134 per share on the NSE.

The sixth largest IT company on Saturday announced the appointment of Mohit Joshi, a former Infosys president, as its Managing Director (MD) and Chief Executive Officer (CEO) designate.

Most global brokerages are upbeat on Tech Mahindra as CLSA has upgraded it to ‘accumulate’ from a ‘reduce’ rating, similarly, Nomura maintained a ‘buy’ target on the IT company shares, while JP Morgan and CITI each gave a ‘neutral’ rating on the counter.

IndusInd Bank

IndusInd Bank shares cracked most among all heavyweights, eventually ending as a top laggard on Nifty50 and Sensex. The banking shares slipped more than 7 per cent to Rs 1060.85 per share on the NSE. The bank’s current MD and CEO Sumant Kathpalia gets reappointment approval from RBI.

The majority of brokerages are bullish on IndusInd Bank, Macquarie maintains an ‘outperform’ rating, while Morgan Stanley retains an ‘overweight’ stance on the stock; similarly, Jefferies has a ‘buy’ rating and JP Morgan on the contrary downgraded IndusInd Bank to ‘neutral’ from ‘overweight’.

Britannia

Britannia share price was among only four gainers on Nifty today, the stock ended flat with positive vibes at Rs 4,322.2 per share on the NSE.

“We continue to like management’s narrative of driving top and bottom-line growth by strengthening power brands through innovation and premiumization, enhancing direct reach, increasing the share of in-housing manufacturing, and focussing on new categories,” Binay Shukla of Phillip Capital said while maintaining a 'buy' call with a target of Rs 5,400 apiece.

(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.)