Top Gainers & Losers: ICICI Bank, SBI rally while Bajaj Auto cracks over 5%; know what brokerages recommend

Gainers and Losers: Fresh foreign fund outflows and losses in IT, the Adani Group fiasco and weakness in auto and oil stocks have also dented investor sentiments, Pic- Reuters

Gainers and Losers: Indian benchmark equity indices S&P BSE Sensex and NSE Nifty50 slid for a seventh straight session on Monday, recording the longest losing run in the past five months. Local markets have followed an overall bearish trend prevailing the in global markets as concerns over aggressive rate hikes by US grow.

Fresh foreign fund outflows and losses in IT, the Adani Group fiasco and weakness in auto and oil stocks have also dented investor sentiments.

The BSE Sensex fell by 175.58 points or 0.30 per cent to close at 59,288.35. The NSE Nifty cracked 73.10 points or 0.42 per cent to end at 17,392.70 as 33 of its stocks ended in the red.

From the NSE Nifty 50 pack, ICICI Bank, Power Grid, Kotak Mahindra Bank, HDFC Life Insurance, and State Bank Of India (SBI) were the major gainers.

On the flipside, Adani Enterprises, Bajaj Auto, UPL, Tata Steel and Infosys were among the top laggards.

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

ICICI Bank

ICICI Bank stock rallied by Rs 18.20 or 2.17 per cent at Rs 857.90 apiece on NSE.

Image Source: NSE

Brokerage firm Philip Capital has maintained a ‘buy’ call on shares of ICICI Bank for a target price of Rs 1,110 apiece (29 per cent upside).

The brokerage firm believes that ICICI Bank is best placed among peer banks given its strong digital capabilities to underwrite loans at accelerated pace.

According to Philip Capital, with a strong balance sheet and capital position, the bank is geared to capitalise growth opportunities in the system.

State Bank of India (SBI)

Shares of SBI rose 1.24 per cent or Rs 6.45 at Rs 527.50 apiece on NSE.

Image Source: NSE

Brokerage Firm Prabhudas Lilladher has given a ‘buy’ call on SBI shares for a target price of Rs 730 apiece (38.5 per cent upside).

The brokerage firm is bullish on SBI as till date there have been no repayment issues, as loans are backed with cash generating assets and no finance is extended against promoter’s equity.

Bajaj Auto

Bajaj Auto stock cracked by Rs 205 or 5.32 per cent at Rs 3,644.95 apiece on NSE as reports sugeested that the company may cut production by 25 per cent.

Image Source: NSE