Shares of Larsen & Toubro emerged among the top gainers on the Nifty 50 on Thursday, ending with gains of 1.6 percent, comfortably outperforming the benchmark index in a choppy trading session.

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Sources within the dealing rooms tell CNBC-TV18 that FIIs have been accumulating the stock recently.

The move also comes on the back of bullish brokerage reports on the stock in successive days. CLSA recently maintained its buy rating on the stock with a price target of Rs 2,560, anticipating a solid 2023 for the stock on the back of turnaround in its loss making units.

JPMorgan also raised its price target on the stock to Rs 2,300.

Expiry Volatility

Benchmark indices staged a sharp recovery from their intraday low to end with marginal losses. The Nifty 50 made an intraday low of 17,761 after breaking below its December 26 low of 17,774. However, the index recovered more than 100 points from that level to end above 17,850.

Flows were mixed at FII desk according to dealers, who also said that a leading hedge fund has been a big seller this week.

Funds have also initiated a pair trade of buying HDFC Bank and selling ICICI Bank. Sectoral churn also continued in today's session with cement stocks outperforming. UltraTech emerged as among the top gainers on the Nifty 50.

On the charts, a close above 17,800 is crucial for the Nifty 50 and a few heavyweights look oversold as well.

Besides Larsen & Toubro, here are some other stocks that have been part of the dealing room chatter today:

Cholamandalam Investment: Shares ended higher for the first time after a two-day drop. The stock gained 3.1 percent higher with dealers suggesting that selling pressure from a leading foreign investor is largely over.

Divis Laboratories: Shares of the Pharma company was the top loser on the Nifty 50 index. Dealers suggested that the stock under pressure due to selling from FIIs. They also said that the street is expecting a capex approval to come soon.

First Published:Jan 12, 2023 4:47 PM IST