Nifty 50 Top Gainers And Losers On Jan. 28: HDFC Bank, ICICI Bank To Sun Pharma And L&T

Share prices of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Bajaj Finance Ltd. and Bharti Airtel Ltd. were the top gainers among the NSE Nifty 50 stocks on Tuesday.

Among the losers were shares of Sun Pharmaceutical Industries Ltd., Larsen & Toubro Ltd., ITC Ltd., Tata Consultancy Services Ltd. and HCL Technologies Ltd.

The NSE Nifty 50 and BSE Sensex snapped a two-session decline as banking stocks drove the benchmark indices higher. In Tuesday's session, the Nifty 50 advanced as much as 0.64% to 22,976.05, and the Sensex rose 0.67% to 75,870.25.

India's small stocks fell over 20% from their peak in September to fall into the so-called 'bearish' zone. Meanwhile, the benchmarks, Sensex and Nifty, are set for their fourth straight month of losses in January, the longest losing streak in 23 years.

Banking stocks led the gains in the markets on Tuesday, buoyed by the Reserve Bank of India's special measures to ease liquidity in the system. HDFC Bank, ICICI Bank, and Axis Bank were the top gainers. Bajaj Finance and Bharti Airtel also gained.

HDFC Bank ended higher 2.49%, while its peer ICICI Bank advanced by 1.54%.

The RBI announced bond purchases via open market operations worth Rs 60,000 crore, a 56-day variable rate repo auction for an amount of Rs 50,000 crore and a dollar-rupee buy-sell swap auction of $5 billion for six months.

Sun Pharma, Larsen & Toubro and ITC were the top losers in trade. The pharma major ended 4.55% lower at Rs 1,705 per share on Tuesday. Larsen & Toubro and ITC closed 1.27% and 3,413.9%, respectively.

The current selloff is a buying opportunity with an understanding that it is hard to time the bottom, Morgan Stanley said in a note. "A growth slowdown has unnerved the market and believe that growth is returning soon," the brokerage said.