Top Weekly Gainers: Adani Enterprises, Kotak Mahindra Bank Lead; Tech Mahindra, JSW Steel Also Gain

Mumbai, August 30: Indian equities ended the week lower, but select heavyweight stocks bucked the broader trend, with Adani Enterprises, Kotak Mahindra Bank, Tech Mahindra and JSW Steel emerging among the top weekly gainers on the Nifty 50. The gains were driven by a mix of positive brokerage calls, expectations of an earnings recovery in banking, and renewed optimism around artificial intelligence-led technology spending.

Adani Enterprises led the weekly gainers, rising 5.72% to ₹3,169, after a brokerage initiated coverage with a Buy rating, citing the company’s diversified infrastructure portfolio and potential to benefit from India’s next capital expenditure cycle. Kotak Mahindra Bank advanced 5.19% to ₹423.70, helped by a bullish view from a global brokerage that named it among its top banking picks. Meanwhile, Tech Mahindra gained 3.59% to ₹1,641 as a broader rally in IT stocks followed strong results and guidance from US chipmaker Nvidia, while JSW Steel climbed 3.18% to ₹1,335.

The gains came against a backdrop of continued volatility in the broader market, with the Nifty 50 declining for a third consecutive week. The divergence underscored the stock-specific nature of the market’s performance, as investors continued to favour companies with visible earnings triggers, favourable broker views and exposure to structural growth themes.

Adani Enterprises share price rose 5.72% during the week gone by to Rs 3,169 clocking a market cap of Rs 4,28,927 crore.

Adani Enterprises emerged as the biggest gainer on the Nifty 50 during the week, supported by a bullish initiation from a broker that highlighted the conglomerate’s diversified infrastructure portfolio and potential to benefit from India’s next capital expenditure cycle.

The positive brokerage coverage added to the stock’s momentum during a week when investors remained selective amid persistent volatility in the broader market.

Kotak Mahindra Bank: Shares rose 5.19% during the week gone by to Rs 423.70 clocking a market cap of Rs 4,21,442 crore.

Kotak Mahindra Bank was among the top weekly gainers on the Nifty 50, as the stock benefited from buying interest and a bullish initiation from a global broker, which named the private-sector lender among its top banking picks.

Tech Mahindra: Shares rose 3.59% during the week gone by to Rs 1,641 clocking a market cap of Rs 1,60,818 crore.

Tech Mahindra was among the IT stocks to gain during the week.

The sector-wide rise was triggered by strong results from US chipmaker Nvidia, which reported second-quarter revenue of $96.2 billion, up 106% year-on-year, while its current-quarter revenue forecast of around $108 billion also exceeded analyst expectations. The numbers reassured investors about the durability of global artificial intelligence spending and helped lift technology stocks globally.

Tech Mahindra rose alongside TCS and Infosys. The rally provided some relief to Indian IT stocks, which had faced selling pressure earlier amid concerns that rapid advances in AI could disrupt traditional technology-services businesses.

The recovery also reflects renewed value buying in the sector after a prolonged correction. Investors have increasingly focused on whether stronger AI and cloud spending can translate into higher technology budgets for Indian IT-services companies, while a weaker rupee could provide an additional tailwind because a large portion of their revenues is generated in US dollars.

However, concerns around AI-led disruption, pricing pressure and potential deflation in traditional IT services remain. Tech Mahindra and its peers will therefore need to demonstrate that AI-led demand and new technology opportunities can offset pressure on legacy services. The stock’s gains during the week marked a return of risk appetite towards IT, but the sustainability of the rebound will depend on earnings growth and the pace of global technology spending.

JSW Steel: Shares rose 3.18% during the week gone by to Rs 1,335 clocking a market cap of Rs 3,26,444 crore.

JSW Steel outperformed the broader market, which declined for a third consecutive week.

The recent strength follows a strong first-quarter performance. JSW Steel’s net profit more than doubled year-on-year to ₹4,651 crore, while EBITDA rose 24%, with consolidated revenue from operations increasing 10% to ₹47,364 crore.

Investor interest has also been supported by the broader outlook for JSW Group’s businesses. The group is in discussions with China’s SAIC for additional capital infusion into MG Motor India, with plans to significantly scale manufacturing capacity at the Halol plant. JSW holds a 35% stake in the joint venture, which is targeting higher production as it expands its electric-vehicle and passenger-vehicle portfolio.

The stock’s gains came despite pressure on the broader market, with the Nifty 50 and Sensex both ending the week lower.

Source: NSE