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The Nifty Bank index was trading 0.08 per cent down at 39408.6.

Sobha’s plan to raise Rs 140 crore through debentures also buoyed investor sentiment and contributed to the surge in share price.

The company, which is looking to accept bitcoin as a payment method, said it was also exploring launching its own cryptocurrency and selling its own brand of popcorn in grocery stores.

The stock quoted a 52-week high price of Rs 1267.5 and a 52-week low of Rs 856.0.

"The BTC (bitcoin) price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October," Mikkel Morch, executive director at crypto and digital assets hedge fund ARK36, said.

Our EPS CAGR of 34 per cent over FY22-FY24 factors in most positives viz; higher 2S volume delta, Rail Neer expansion and catering price hike leaving little room for earnings surprise and consequent re-rating. Further, events like recent policy flip flop on convenience fee share with Indian Railways can result in valuation overhang," brokerage Prabhudas Lilladher said.

Emkay Global expects M&M to log a standalone profit after tax (PAT) of Rs 1,490.60 crore, up 13.7 per cent YoY over Rs 1,311 crore. Revenues are seen rising 7.5 per cent YoY to Rs 12,464 crore from Rs 11,590 crore.

“Financials remain a top pick sector-wise. Look at every dip to accumulate financials and with economic recovery and with the reopening trade happening, the first takeoff will be in the financial sector stocks,” says Ajay Bagga.

“If one is looking at smaller companies, it is better to stay away from them to the extent that they are going to become a lot more volatile.”

Union Bank of India, incorporated in the year 1919, is a banking company (having a market cap of Rs 36770.94 Crore).