Top Gainers and Losers: Dr Reddy’s Labs, Kotak Mahindra Bank among major winners; Tata Steel cracks over 5% on weak Q3 result

Gainers and Losers: The Indian benchmark indices ended on a negative note due to lack of optimism around the global indices. Sensex settled at 60286.04 losing 220 points, or 0.37 percent, and Nifty ended at 17721.50 slipping 43 points, or 0.24 percent.  

While Bank Nifty closed the session at 41,490.95 with marginal gain of 0.28 percent, Nifty 500 closed weaker. On a sectoral level, Nifty Realty ended on a high, while Nifty FMCG and Auto closed lower, by more than 1 per cent each.

On NSE Nifty50 Adani Enterprises, Dr Reddy’s Laboratories, Adani Ports, Kotak Mahindra Bank and IndusInd Bank were the top gainers; while Tata Steel, Hindalco, ITC, Hero MotoCorp and Maruti Suzuki India were the prime laggards.

Om Mehra, Equity Research Analyst, Choice Broking believes that investors should look for significant occurrences this week. He said that technically, the Nifty has struggled to hold 17800 levels; however, intraday upswing would be anticipated for upcoming days. On the other hand, Bank Nifty has support at 40900 levels while resistance is placed at 42200 levels.

He suggests traders to work with option strategies to combat the opening with gaps.

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Here are some blue-chip stocks that saw maximum buzz today:

Kotak Mahindra Bank

Kotak Mahindra Bank stock rallied by Rs 25 or 1.43 per cent at Rs 1,772 apiece on NSE.

Image source: NSE

Brokerage firm Phillip Capital believes that Kotak Mahindra Bank will continue to command premium valuation given high growth potential and pristine asset quality position.

The brokerage has maintained a 'Buy' rating on Kotak Mahindra Bank stock with a revised target price of Rs 2100 apiece from Rs 2240 apiece implying 3.5x to FY24e ABVPS of Rs 457.

Dr Reddy’s Laboratories

Dr Reddy’s Laboratories share rose 1.94 per cent or Rs 84.45 at Rs 4,434 apiece on NSE.

Image source: NSE

Brokerage firm Axis Securities has recommended a 'Buy' on Dr Reddy’s Laboratories shares at a target price of Rs 5,100 per share as the company is currently investing in various businesses that may provide growth in the long term.

Tata Steel

Shares of Tata Steel ended in red by 5.32 per cent or Rs 16.25 at Rs 111.20 apiece as the company reported weak Q3 result.

Image source: NSE

Morgan Stanley has maintained an 'Equalweight' rating on Tata Steel stock, and has given a target of Rs 110 apiece. According to the brokerage report, Europe business was much weaker than expected and large deferred tax expenses towards the British Steel Pension Scheme drove a net loss of Rs 2200 crores.

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