Shares in Indiabulls Real Estate gain 2 percent after Bank of America Merrill Lynch upgrades the stock to "buy" from "neutral" and raises its price objective to 100 rupees from 69 rupees.

The investment bank cited better-than-expected sales bookings, as well as optimism about new projects, including a luxury project in central Mumbai as key reasons for the upgrade.

BofA-Merrill expects the trend of better bookings to continue with more projects lined up for launches in Gurgaon, located near New Delhi and in the city of Chennai.