Top Weekly Gainers: SBI Life Leads Winners; Bajaj Auto, Tech Mahindra and ONGC shine

Mumbai, July 12: SBI Life Insurance Company emerged as the top-performing stock on the Nifty during the week ended July 10, rising 4.15%, as strong June premium collections boosted optimism over the recovery in the private life insurance sector. Bajaj Auto, Tech Mahindra and ONGC also featured among the index’s biggest gainers, supported by company-specific triggers ranging from robust sales and a share buyback to improving sentiment towards IT stocks and bullish brokerage upgrades.

While Bajaj Auto rallied on strong June sales and the conclusion of its ₹5,633-crore buyback programme, Tech Mahindra benefited from renewed optimism surrounding the IT sector following TCS’ better-than-expected quarterly results. ONGC, meanwhile, gained after brokerages turned bullish on the stock, citing attractive valuations, improving production growth and expectations of firmer crude oil prices.

Here’s a look at what drove these stocks higher during the week and the key triggers investors will watch in the days ahead.

SBI Life Insurance Company: SBI Life Insurance Company share price rose the most during the week gone by, up 4.15% at Rs 1,863, clocking a market cap of Rs 1,86,866 crore.

SBI Life Insurance emerged as the top-performing stock after encouraging June premium data reinforced optimism over a recovery in the private life insurance sector.

The stock gained after brokerages highlighted a sharp improvement in premium collections during June, following a relatively weak May. According to data from the Life Insurance Council, private life insurers’ total annualised premium equivalent (APE) growth accelerated to 29% year-on-year in June from 14% in May, supported by a pickup in policy volumes.

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Among the listed insurers, SBI Life reported an 18% year-on-year increase in total APE during June, a sharp rebound from just 1% growth in May. Brokers also pointed out that the insurer’s total APE for the April-June quarter rose 37% year-on-year, aided by a large group renewable policy sold in April.

The strong premium momentum has fuelled expectations that the company could deliver healthy growth in new business and maintain robust profitability despite an increasingly competitive market. Analysts believe sustained growth in regular premiums, improving policy volumes and a favourable product mix remain key positives for private life insurers.

What next?

Investor attention will now shift to SBI Life’s June-quarter earnings, where management commentary on premium quality, value of new business (VNB) margins, product mix and persistency ratios will be closely scrutinised. The Street will also look for clarity on whether the strong first-quarter premium growth is sustainable through the rest of FY27, particularly after the one-off group policy contribution in April. Any commentary on distribution channels, protection products and demand trends will also be key triggers for the stock. More broadly, with private insurers continuing to outpace LIC in new business premium growth, investors will assess whether SBI Life can sustain its market share gains and deliver consistent earnings growth over the coming quarters.

Bajaj Auto: Bajaj Auto shares rose 3.79% during the week to Rs 10,156, clocking a market cap of Rs 2,83,858 crore.

Bajaj Auto emerged among the top gainers this week, buoyed by a combination of a lucrative share buyback offer and strong monthly sales performance that reinforced confidence in the two-wheeler maker’s growth outlook.

Investor sentiment was lifted as the company’s ₹5,633-crore buyback programme drew to a close. The buyback, priced at ₹12,000 per share, represented a premium of around 20% to the prevailing market price, prompting analysts to describe it as an attractive exit opportunity for short-term investors while underscoring management’s confidence in the company’s long-term prospects.

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The stock also found support after the company clocked robust June sales. Bajaj Auto’s total vehicle sales rose 28% year-on-year to 4.63 lakh units, driven by a sharp 47% jump in exports and healthy double-digit growth in domestic volumes. Investors cheered signs of sustained demand in both domestic and overseas markets.

The encouraging sales numbers have strengthened expectations that the company will continue to benefit from improving export demand, resilient domestic motorcycle sales and steady traction in the premium motorcycle segment, even as competition intensifies in the electric vehicle market.

What next?

The focus now shifts to Bajaj Auto’s June-quarter earnings, where investors will look for updates on operating margins, export momentum, domestic demand and management’s outlook on the premium motorcycle and electric vehicle businesses. Commentary on rural demand, commodity costs and pricing will also be closely tracked. With exports contributing significantly to recent growth, the Street will watch whether the company can sustain its overseas momentum while maintaining profitability amid a volatile global economic environment.

Tech Mahindra: Tech Mahindra share price rose 3.17% during the week to Rs 1,455, clocking a market cap of Rs 1,42,547 crore.

Tech Mahindra was among the top gainers this week as investor sentiment towards the IT sector improved following Tata Consultancy Services’ (TCS) better-than-expected June-quarter results, which renewed hopes that demand across the industry may be stabilising despite lingering macroeconomic uncertainties.

The stock advanced alongside other frontline IT names after TCS reported healthy revenue growth and highlighted robust momentum in artificial intelligence (AI)-related services. The earnings eased concerns over a prolonged slowdown in discretionary technology spending and sparked broad-based buying across the sector, with analysts pointing to resilient deal pipelines and improving client confidence.

Brokerages noted that while AI continues to reshape the technology services landscape, Indian IT companies are increasingly positioning themselves to benefit from the shift through higher AI-led spending, cloud transformation projects and large digital deals. The positive read-across from TCS helped lift expectations for peers, including Tech Mahindra, ahead of the company’s own quarterly results.

What next?

Investor attention will now turn to Tech Mahindra’s June-quarter earnings, scheduled for next week. The Street will closely monitor revenue growth, operating margins, deal wins and commentary on demand across the telecom, manufacturing and BFSI verticals. Management’s outlook on AI-led opportunities, discretionary spending, hiring trends and the pace of margin recovery will be key triggers for the stock. Analysts will also watch whether the company can sustain order inflows.

ONGC: ONGC rose 2.99% during the week to Rs 244.96, clocking a market cap of Rs 3,08,167 crore.

Oil and Natural Gas Corporation (ONGC) featured among the week’s top gainers after brokerages upgraded the stock to “Buy”, citing attractive valuations, improving production growth and a favourable outlook for crude oil prices.

Brokerages said optimism stems from inexpensive valuations, a pickup in oil and gas production volumes and the government’s continued focus on boosting domestic energy production and strengthening India’s energy security.

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The brokerages also increased Brent crude oil assumptions for FY27 and FY28, compared with earlier estimates. According to their assessment, global crude inventories are unlikely to normalise quickly, which could keep oil prices elevated and support ONGC’s realisations and earnings over the medium term. The revised assumptions are expected to lift the company’s FY27 and FY28 profit estimates.

In addition, the brokers expect overall production volume growth of around 2.6% over the coming years, led by growth in both oil and gas output, a key factor for improving earnings visibility.

What next?

Investors will now watch developments in global crude oil markets, as ONGC’s earnings remain highly sensitive to changes in oil prices and realisations. The Street will also closely track quarterly results, production growth trends and management commentary on key projects and capital expenditure plans. Any improvement in crude prices, coupled with sustained volume growth, could support the stock’s rerating, while weaker oil prices and execution challenges remain key risks to the investment thesis.

Source: NSE