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The stock quoted a 52-week high of Rs 2850.0 and a 52-week low of Rs 1344.6.

Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public in two years, soared as much as 6,149% since debuting in the US on Friday, giving it a market value of $5 billion at one point.

"The Indian rupee outperforms among Asian currencies amid corporate dollar inflows and lacklustre global cues ahead of US inflation data," said Dilip Parmar, Research Analyst, HDFC Securities.The market is pricing in a cool-down in US inflation from the previous reading from 9.1 per cent to 8.7 per cent year-on-year.

Most Asian markets were trading higher. The decline in dollar index to below 106 is supportive of more capital flows to emerging markets and India is the outperformer in the EM universe, Vijayakumar said. Provisional data showed foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 1,061.88 crore on Wednesday.

“Oscillators are overbought, but they have been so for some time already now, and have been less effective because of the directional nature of the index,” Anand James - Chief Market Strategist at Geojit Financial Services, said.

“There is a movement from unorganised to organised and there is a growing premiumisation in categories like pulses, snacks, energy drinks, breakfast cereal market, which now is almost Rs 2,000 crore. That is one segment which we like. So we track Tata Consumer, Adani Wilmar and a few names like Bhanu Beverages etc. This space looks very promising to us for the longer term.”

“The general apprehension is that since the cap has been removed, there will be a major spurt in airfares because airlines will be free to charge at their discretion. If airlines had that freedom to charge fares at this discretion, no airline would have collapsed, no airline would be losing money. The reality of the Indian market is that fares are truly market driven. You cannot fix fares. ”

Latest inflation report makes a 50 basis points hike more likely at the September meeting rather than a 75 basis points increase, although a lot will depend on the August CPI release next month, Morgan Stanley says in a note.

CLSA maintained its buy rating on Coal India with a target price of Rs 250 which translates into an upside of over 14 per cent from Rs 219 recorded on 10 August. The June quarter results of Eicher Motors were better than its two-wheeler peers. “We expect continued improvement in volume across markets,” said the note.

“We were buyers in ITC Ltd. and bulk of the purchases were made between a price of Rs 140 and Rs 210. While the stock continues to be reasonably valued, the attractiveness has obviously reduced a bit given the doubling of the stock price from the lows,” Thakkar said.