Shares in Hexaware Technologies Ltd gain 1.2 percent after Macquarie and Bank of America-Merrill Lynch upgrade their ratings on the stock, citing expectations earnings will recover this year and valuations.

Bank of America-Merrill Lynch upgrades the software services provider to "buy" from "neutral", while Macquarie upgrades its rating to "outperform" from "underperform".

Hexaware reported a 25 percent fall in October-December quarter net profit on Monday, but said sales grew 16.2 percent.