Deutsche Bank has cut its target for the S&P BSE Sensex by 7% to 27000 points from 29000 points earlier citing heightened global uncertainty following Britain's decision last week to exit the European Union.
S&P BSE Midcap index, the largest gainer among broader indices, was up 1.2% at 11,858 compared to 0.54% rise in the benchmark S&P BSE Sensex, which closed at 27,145. The Midcap index surpassed its previous high of 11,586 in August 2015.
Locally, that is reflected in the fact that while the benchmark S&P BSE Sensex has gained around 2.5% so far this year and the S&P BSE 100 index too has gained at a similar rate, the S&P BSE Metal index has moved up around 14.3%.
Indian stock markets continued their winning streak for a fifth straight session, with Friday seeing the biggest weekly gain in five, buoyed by foreign institutional investor (FII) purchases and strength in global equities.