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In the Sensex pack, the majority of the stocks were in the green, with Ultratech Cement leading, up nearly 2 per cent. Airtel, L&T, SBI and Wipro were among the top gainers. Meanwhile, index heavyweight RIL was the worst performer. Maruti Suzuki, TechM and IndusInd Bank were other losers, down less than a per cent each.

Given the sharp rise in volatility yesterday, trading ranges could remain high, said Anand James - Chief Market Strategist at Geojit Financial Services. Favoured view expects pullback attempts to be held within the 79.2-79.5 vicinity followed by a consolidation, he added.

“The stock had made a double top around Rs 815 in the month of April this year and fell sharply by about 25 per cent to reach towards Rs 615 by mid-June,” Rupak De, Senior Research Analyst at LKP Securities, said.

“There is a move towards more complex generics which are higher margin and are subject to less price erosion in the US and also in the advanced markets. The US has traditionally been stronger pricing wise versus Europe. Against this whole backdrop, Lupin and Cipla because of the move towards complex generics, look to be positioned well.”

“I am not too sure if one should compare Vedant Fashions to an Asian Paints or Titan. Metro Shoes has a good chance of giving that CAGR but having said that, a lot of that growth is built in today and it is difficult to expect more than 10-12% CAGR even if things go right in these stocks.”

"The company recorded a strong beat on margins led by costs. Volumes were slightly lower. The cement major recorded a strong performance on variable costs," it said in a note.

Prioritising inflation over growth, the RBI hiked repo rate, the rate at which the RBI lends short-term funds to banks, to 5.40 per cent from 4.90 per cent earlier. Analysts said the market was largely expecting 35-50 basis points rate hike. With this, the RBI has effectively raised rates by 180 basis points since April.

A total of 22,242 shares changed hands on the counter till 10:20AM (IST).

The Nifty IT index was trading 0.51 per cent up at 29934.6.

The stock quoted a 52-week high price of Rs 2815.0 and a 52-week low of Rs 1973.15.