Jet Airways Ltd, which sank 4.93 percent earlier in the day, reversed course to surge 5.78 percent, after State Bank of India on Thursday said lenders of the beleaguered airline were considering a restructuring plan for it. "Focus is naturally on stocks that are due to post results. We continue to remain in a broad range," said Arun Kejriwal, founder of advisory firm Kejriwal Research.
"However, the mood is still bearish. At every rally people are shorting the market." In India, oil-to-telecoms giant Reliance Industries Ltd drove gains in the energy sector, inching up 0.9 percent. The Indian conglomerate is due to report quarterly results later in the day.
Gains in the financial sector were driven by Housing Development and Finance Corporation Ltd and Axis Bank Ltd, both rising as much as 1.09 percent and 0.89 percent, respectively. Last evening, the beleaguered airline said it was exploring options with shareholders about a resolution plan which could include an equity infusion by stakeholders and a change in the airline's board.