The market continued to hold northward journey amid consolidation with the Nifty hovering around 8700 level. The broader markets extended gains; the BSE Midcap gained 1 percent and Smallcap rallied 1.6 percent.
The Sensex climbed 133.24 points to 28649.83 and the Nifty rose 43.80 points to 8704.10. More than two shares advanced for every share declining on the Bombay Stock Exchange.
BPCL surged more than 4 percent after UBS upgraded the stock to buy. It is the top pick and UBS said it ranked best amongst peers. UBS has raised the target price to Rs 945.
However, Sesa Sterlite fell 1.5 percent after S&P downgraded Vedanta’s credit rating to BB- from BB with a negative outlook citing weak financial performance for atleast 12 more months because of low oil prices.
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