Shares in Larsen & Toubro gain more than 2 percent after Goldman Sachs upgrades the stock to "buy" from "neutral".

Goldman cites cheaper valuations after L&T's recent under-performance against the broader index and the prospect of stable revenue growth over the medium term.

The investment bank also notes the government is expected to fast track an estimated $30 billion worth of infrastructure projects in fiscal 2013/14, while also pointing to other supportive factors such as an expected lower cost of financing.