Also, Larsen & Toubro (L&T) stock gained 1% after a media report said that Credit Suisse upgraded the stock to “outperform” from “neutral”. The risk-reward turned favourable with bottom valuations on stress case earnings," the brokerage firm said.
However, the firm has cut the price target on the stock to Rs1,100 from Rs1,325 per share as engineering, procurement and construction (EPC) and macro risks remained pertinent.
Further, shares of Reliance Industries climbed 5.5% on the NSE. As per media reports, Credit Suisse has maintained neutral rating and cut target to Rs1,150 from Rs1,400 per share. It has also cut FY21/FY22 EPS by 11% /5%, while expecting the refining demand to be weak for the next two quarters.