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Bharat Heavy Electricals, incorporated in the year 1964, is a Mid Cap company (having a market cap of Rs 28152.48 Crore) operating in Engineering sector.

The index has been making higher highs from the last five sessions, and supports are gradually shifting higher. “Now, it has to hold above 18500 zones for an up move towards 18700 then, 18881 zones, whereas supports are placed at 18442 and 18350 zones,” said Chandan Taparia of Motilal Oswal.

The premium for the listing-bound Dharmaj Crop Guard and Uniparts India is moving higher in the unofficial market, hinting a strong listing pop for investors, if the optimism prevails for another few sessions.

“Whether the growth is being affected only because of the rate hike or because of some other factors over which the RBI had control is to be examined. I believe that in the current situation, the impact on growth is much more because of other factors rather than because of the rate of interest.”

The rating upgrade buoyed the sentiment for the stock, as it rose over 4% to Rs 233.90 on the National Stock Exchange (NSE). CLSA’s 1-year target price for the stock is Rs 300.

The 30-share Sensex ended 177 points higher at 62,682, while its broader peer Nifty 50 ended above the 18,600 level after touching a new peak of 18,678

The rupee has been caught in a narrow range of late, while intraday and overnight volatility have both been low. The last time the rupee managed an intraday range of more than 30 paisa was about two weeks back.

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"Gold fell to the lowest level in more than a week as the dollar rose from session lows on hawkish comments from members of the US Federal Reserve reiterating their fight against inflation," Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.

Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 275200.32 Crore).