Top Gainers & Losers: SBI, ITC give Nifty50 a big lift; Tech Mahindra top blue-chip laggard

Indian equity benchmarks Sensex and Nifty50 more than recovered the previous day's losses in a strong session on Friday, driven by a broad-based rally amid positive global cues. Investors around the globe pinned hopes on milder hikes in headline interest rates after a Fed official's remark that he favours "slow and steady" increases.

The Sensex finished the day with a gain of 899.6 points or 1.5 per cent at 59,808.99, having surged more than 1,050 points during the session, and the Nifty50 settled at 17,594.4, up 272.5 points or 1.6 per cent from its previous close.

Among index heavyweights, SBI was the top gainer in the 50-scrip space. The surge in SBI shares followed a report by Reuters, citing sources, that suggested the state-run bank may look to cut its stake in Yes Bank after a lock-in period ends on March 13. Yes Bank shares, on the other hand, finished the day weaker, down 3.6 per cent at Rs 16.9 apiece. 

Tech Mahindra was the worst hit among the seven laggards in the Nifty basket. 

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Here's more on some of the blue-chip stocks that moved the most on March 3. 

SBI

SBI shares rose 5.1 per cent to end at Rs 561 apiece on NSE. 

Image source: NSE 

Prabhudas Lilladher has a ‘buy’ call on SBI with a target price of Rs 730 apiece, implying upside potential of about 30 per cent in the stock. 

Bharti Airtel 

Bharti Airtel shares rose 3.3 per cent to end at Rs 764.4 apiece.

Image source: NSE

B&K Securities has a ‘hold’ rating on Bharti Airtel for a target price of Rs 890 apiece (16 per cent upside).

According to the brokerage, Bharti Airtel is likely to benefit from the disruption in the telecom industry and to leverage its position to improve its market share.

ITC

Cigarettes-to-hotels conglomerate ITC's shares rose 2.6 per cent to end at Rs 385.3 apiece.

Image source: NSE 

BOB Capital has a ‘buy’ call on ITC shares for a target price of Rs 459 apiece (19.1 per cent upside).

The brokerage expects ITC to sustain its strong growth momentum across categories. 

Tech Mahindra 

Tech Mahindra shares declined 2.1 per cent to end at Rs 1,086.65 apiece. 

Image source: NSE 

BOB Capital has a ‘hold’ call on Tech Mahindra with a target price of Rs  1,160 apiece (6.8 per cent upside). 

Catch highlights of the March 3 session on Dalal Street here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.