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“We will never be able to define what a freebie is and what a freebie is not. That has to be decided between the electorate and the political parties and which is why economists never talk in terms of freebies. They talk in terms of subsidies as merit subsidies and non-merit subsidies.”

The Relative Strength Index of the stock stood at 62.13 on Thursday.

GAIL (India) is India’s leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production and transmission, LNG re-gasification, petrochemicals, city gas and E&P.

Bharat Dynamics Ltd., incorporated in the year 1970, is a Mid Cap company (having a market cap of Rs 15783.26 Crore) operating in Defence sector.

The Nifty Bank index was trading 0.33 per cent up at 39592.1.

A total of 36,689 shares changed hands on the counter till 10:25AM (IST)

"With FIIs turning net buyers in July, the smart money has moved out of IT and metal stocks and moved into value stocks. FIIs have reduced weight in sectors where they had relatively higher exposure such as IT. Besides the tightening measures taken by central banks around the globe, FIIs have reduced weight in sectors with higher risk and valuations."

“Market leadership I think will continue to come from the banking sector because that is obviously a great inflation play but as we are probably noticing now, it is starting to get more rotational around the sectors, which means that the leadership is changing and it is probably not sustainable.”

“Commodity prices have corrected over the last one quarter and many of the logistics issues have eased. The expectation is that there will be tailwinds of demand in the auto sector as we move ahead, particularly on the CV side. These are four year cycles and we are probably in the first year of that cycle. We remain constructive on this space and think that this cycle is at the cusp of a takeoff.”

"We will probably hit record high before Diwali but the short term is very difficult to predict. In the near term, we might see a small correction before going up again," says market expert Abhishek Basumallick, who runs equity research firm Intelsense.