Top gainers & losers today: Stocks that moved the most on February 21

Top gainers & losers today: Stocks that moved the most on February 21

Nifty and Sensex settled the trading session in the red on February 21. At closing, both Sensex and Nifty stood 0.65% lower, with Sensex reaching 75,247.39 and Nifty at 22,763.20 points. Among sectoral indices, only Nifty Metal traded in the green. Nifty Auto performed the worst, declining beyond 2 percent. Nifty Pharma, Healthcare, and PSU Bank also fell over 1 percent each. Here’s a look at the top gainers and losers in trade today.

Top Losers

Bank Nifty (CMV: 48,981.20 ; down by 0.72%)

Bank Nifty dropped over 1 percent with all the 12 bank stocks on the index were trading in the red. The shares of Kotak Mahindra Bank were the top loser on the index, falling nearly 2 percent, followed by ICICI Bank. AU Small Finance Bank, Punjab National Bank, Bank of Baroda and Federal Bank followed, seeing a drop of over 1 percent in their respective share prices.

Mahindra & Mahindra (CMP: Rs 2,663.50 ; down by 6.20%)

Shares of Mahindra and Mahindra fell as much as 6 percent, setting it up for the biggest weekly fall in five years. There has been a slew of news flow concerning investors, including increasing competition in the EV space, possible over-valuation of the stock price, and the company's recent plans of investing in the rights issue of two of its listed subsidiaries.

Bharat Heavy Electric (CMP: Rs 195.80 ; down by 2.18%)

Shares of Bharat Heavy Electricals fell over a percent for a third consecutive session, falling on the back of a Rs 30 crore arbitration case recently initiated against the company. Ducon Technologies initiated arbitration proceedings for recovering nearly Rs 27 crore, alongside other interests amounting against BHEL.

Nifty Auto (CMV: 21,505.90 ; down by 2.58%)

Auto players fell following reports that the government may ease EV import rules, paving the way for foreign players. This is said to intensify competition for Indian automakers. The development gains significance as Tesla Inc has already accelerated efforts to sell cars in the country.

Alkem Labs (CMP: Rs 4,600.05 ; down by 2.54%)

Shares of Alkem Labortories fell after a large deal worth Rs 300 crore took place on the exchanges. As much as 6.41 lakh shares of the drugmaker were sold through the large deal at a floor price of Rs 4,680 apiece. The floor price of the large deal reflected a discount from the previous closing price of the stock.

Top gainers

JSW Energy (CMP: Rs 496 ; up by 5.86%)

Shares of JSW Energy rallied as much as 7.6 percent extending gains for a fourth session in a row, after the international brokerage Morgan Stanley maintained its 'overweight' rating on the stock. The brokerage has assigned a price target of Rs 545.

Religare Enterprises (CMP: Rs 256.49 ; up by 15.01%)

Shares of Religare Enterprises climbed over 9 percent after the Burman family acquired majority control of the company, getting designated as ‘promoters’. This comes following Rs 2,116 crore open offer issued by the Burmans' for the acquiring additional 26 percent stake in Religare Enterprises received tepid response.

Nifty Metal (CMV: 8,609.70 ; up by 1.02)

Shares of aluminium manufacturers—Hindalco Industries, National Aluminium Co, and Vedanta, have been on a strong rally over the past week, climbing 7-10 percent, driven by a surge in base metal prices. Aluminium prices have gradually risen over the past week and surpassed $2,700 per tonne mark in response to the European Union's ban on Russian aluminium imports, invoking fears of a supply void.

KEI Industries

International brokerage Morgan Stanley initiated coverage on KEI Industries with a bullish 'overweight' rating, as it expects strong growth from the firm. Morgan Stanley issued a target price of Rs 4,391 per share, which indicates a 23 percent upside from the previous session's closing price. As a result, shares surged over 5% intraday.

Bandhan Bank

Shares of Bandhan Bank were buzzing in trade with a 5 percent surge after global brokerage firm CLSA upgraded the stock to a 'high-conviction outperform', foreseeing a massive 61 percent upside potential. The brokerage pegged a price target of Rs 220 for the stock, largely backed by the lender's outperformance over peers in the current MFI cycle.