Top Gainers & Losers: L&T jumps 4% on order win; Auto stocks skid in otherwise positive market

Some consolidation after the recent surge is likely in the market as we’ve almost reached closer to the immediate target of 17,600 in Nifty, Ajit Mishra, VP - Technical Research, Religare Broking said.

Most sectors were aligned with the trend wherein FMCG, IT and financials were the top gainers - Image Source: Pixabay

Top Gainers & Losers: The Indian markets continue to edge higher for the fourth successive session and gained nearly a percent. After the flat start, the Nifty50 and Sensex indices gradually inched higher as the day progressed and settled closer to the day’s high at 17,557.05 and 59,689.31 levels.

Most sectors were aligned with the trend wherein FMCG, IT and financials were the top gainers. Meanwhile, the broader indices traded mixed where recovery in smallcap pack aided healthy market breadth.

Some consolidation after the recent surge is likely in the market as we’ve almost reached closer to the immediate target of 17,600 in Nifty, Ajit Mishra, VP - Technical Research, Religare Broking said.

He added the outcome of the MPC meeting will be in focus for cues, besides, the scheduled weekly expiry would further add to the volatility. Amid all, Mishra reiterates a bullish view and suggests continuing with a ‘buy on dips’ approach.

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

Larsen and Toubro (L&T)

Shares of Larsen and Toubro ended as a top gainer on Nifty50 and Sensex on Wednesday. The stock jumped more than 4 per cent to Rs 2,259 per share on the NSE after the company bagged multiple contracts worth more than Rs 7,000 crore in the Middle East region.

L&T has chalked out a detailed five-year strategic plan ‘Lakshya 2026’ for pursuing profitable growth in its traditional businesses of EPC projects and manufacturing and expanding the size and scale of its IT&TS portfolio, Sharekhan said, maintaining a ‘buy’ rating with a target of Rs 2,600 per share.

Pic: NSE

HDFC Bank

HDFC Bank stock was among the top gainers on Nifty50 and Sensex, it surged more than 2.5 per cent to Rs 1,654 per share on the NSE ahead of the Reserve Bank of India’s (RBI) monetary policy decision on Thursday, April 6, 2023.

Global brokerage firm Macquarie maintained an ‘outperform’ rating on HDFC Bank, with a target price of Rs 2,110 per share.

Pic: NSE

Eicher Motors

Eicher Motors' share price closed as a top loser on Nifty50 and Sensex on Wednesday. The stock declined over 2 per cent to Rs 2,940 per share on the NSE.

Motilal Oswal believes improving supplies, new product launches and the ramp-up in exports will drive the growth for Royal Enfield, besides, stable commodity prices will also support the margins of Eicher Motors. The brokerage retains a ‘buy’ rating with a target of Rs 3,625 per share.

Pic: NSE

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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.)

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