Top gainers and losers today: Stocks that moved the most on January 8

Reliance Industries, Paytm, Ola Electric among the top gainers and losers in trade on January 8

Benchmark indices Nifty and Sensex staged a recovery on January 8, turning mildly positive as a rebound in IT stocks lent support. The closing figures for Sensex stood at 78,144.82, lower by 54.29 points or 0.069 percent, while Nifty was at 23,675.50, down by 32.40 points or 0.14 percent. Gains in Reliance Industries propelled the oil and gas sector higher, helping offset the dampening effect of weak global cues that had weighed on sentiment earlier in the day. Here’s a look at the top gainers and losers in trade today.

ONGC (CMP: Rs 271.39, up by 3 percent)ONGC shares extended gains for a second session in a row after the oil marketing major bagged an upgrade from Hong Kong-based brokerage CLSA. The brokerage upgraded this stock to 'High Conviction Outperform' from 'Outperform' earlier.

Reliance Industries (CMP: Rs 1265.30, up by 1.97 percent)International brokerages Jefferies and Bernstein reiterated their bullishness on chemicals-to-retail conglomerate Reliance Industries Ltd, leading to a 2 percent bump in its share price. Reliance Industries' stock price has seen a 22 percent correction from its 52-week high. As a result, RIL's valuations have become the cheapest since the COVID-19 shock seen in March 2020, making for a great buying opportunity as the risk-reward ratio turns attractive.

Spandana Sphoorty Financial (CMP: Rs 476.75, up by 19.05 percent)Shares of Spandana Sphoorty Financial skyrocketed 15 percent to a 10-week high driven by an influx of heavy trading volumes in the counter. As many as 55 lakh shares changed hands on the exchanges so far, already exceeding the one-month daily average of seven lakh shares.

Borosil Renewables (CMP: Rs 574.40, up by five percent)Shares of Borosil Renewables were locked in the 5 percent upper circuit for a second consecutive session after the company's promoter recently increased their holding. Promoter increasing stake in a company is generally seen as a positive sign, reflecting confidence over its growth prospects.

Jindal Worldwide (CMP: Rs 442.45, lower by 0.57 percent)Jindal Worldwide shares surged five percent to hit a record high in the morning session on January 8, after the firm announced a bonus share issuance in a 4:1 ratio. Investors that hold one share of Jindal Worldwide shares by the record date will be eligible to receive four new shares.

LOSERS

United Breweries (CMP: Rs 2011.65, down by 3.19 percent)Shares of United Breweries dropped after the company announced that it is suspending the supply of its beer to Telangana Beverages Corporation Limited with immediate effect. The maker of Kingfisher beer said it took this decision because TGBCL has not revised the basic price of its beer since 2019-2020, resulting in huge losses.

Ola Electric Mobility (CMP: Rs 79.35, up by 0.24 percent)Ola Electric Mobility stock traded 4 percent lower, a day after the Securities and Exchange Board of India (SEBI) issued an administrative warning to the EV player for violation of disclosure norms. Bhavish Aggarwal had shared details of Ola Electric's plans for a four-fold expansion on social media platform X, before the disclosure was shared with the exchanges.

One97 Communications (CMP: Rs 902.05, down by 8.25 percent)Shares of One97 Communications, the parent company of payments aggregator Paytm, dropped by up to 8 percent following UBS's report that Paytm did not gain any UPI market share in December, according to NPCI data.

Dixon Technologies (CMP: Rs 16,900, down by 8.34 percent)Shares of electronics manufacturing firms--Dixon Technologies, Kaynes Technology and Amber Enterprises -- suffered sharp losses, falling up to 8 percent on January 8. The selloff in electronics manufacturing service (EMS) providers follows a nearly 2 percent drop in Wall Street's tech-heavy Nasdaq Composite index, driven by sharp declines in Big Tech stocks.

Premier Energies (CMP: Rs 1255, down by 3.84 percent)Premier Energies shares tanked 5 percent after Kotak Institutional Equities initiated coverage on the renewable energy company. Despite forecasting a strong Compounded Annual Growth Rate (CAGR) of 44 percent for Premier Energies between FY24 and FY30, Kotak cited the stock's high valuations as a concern, driving its bearish stance.