Following two back-to-back days of gains, headline gauges – Nifty 50 and BSE Sensex took a downturn. Investors are nervous ahead of an expected interest rate hike by the US Fed’s rate-setting panel. Gains in Auto and FMCG stocks were offset by losses in financial and IT shares.
Here are three Nifty 50 stocks that reached a fresh 52-week high on Wednesday:
Eicher Motors
The auto major already joined the ₹ 1-trillion market cap club on September 15. The company’s shares are on an uptrend and clocked a fresh 52-week high of ₹ 3787.25 apiece on the National Stock Exchange.
According to analysts at HDFC Securities, Eicher motors, the parent company of Royal Enfield, is likely to be a key beneficiary of the premiumisation trend in India. Eicher motors has a dominant position in the > 250cc market in India and it aims at launching multiple new products over the next 18-24 months.
ICICI Direct has a buy call on the shares of Eicher motors with a target price of ₹ 4170, as per its research report dated September 09, 2022. This translates to an upside of 13.56% as compared to its current share price of ₹3,672.20.
Bharti Airtel
The telecom major’s shares have been on a strong uptrend since mid-July. They hit a fresh 52-week high of 797.00 apiece on Wednesday’s early trades.
The company is optimistic about opportunities in the enterprise sector as it is rolling out the 5G network. The company said that it has made the best possible investments in the spectrum as well as technology to offer a superior customer experience.
Jefferies has maintained a Buy rating on Bharti Airtel’s shares with a revised target price of ₹855 given its strong growth outlook. This indicates an upside of 9.01% as compared to its current share price of ₹ 784.30.
Cipla
The pharma company’s shares touched a fresh 52-week high of ₹ 1,101.85 on the NSE, soon after the opening bell on Wednesday.
It is one of the biggest gainers in the Nifty Pharma and Healthcare Indices and the growth forecast in US markets is set to drive gains for its stock.
HDFC Securities has a buy call on the shares of Cipla Ltd. with a target price of ₹ 1125. This suggests an upside of 4.92% as compared to its current share price of ₹ 1,072.25.
Written by Simran Bafna
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