Sharekhan Research maintained purchase rating on Sun Pharmaceutical Industries with target price of Rs 1287. At current market price Rs 965, stock valued at 21.6x FY2008E and 18.1xFY2009E fully diluted earnings.

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The BSE Sensex was in a pessimistic mode today and finished the day with a nearly 100 points deficit.

Remarking on the weak spot in the market technical analyst Vishwas Agarwal believed that the weakness was mainly because of factors upsetting the international markets, which were also down today.

He added that a few spheres that had caught rather a sharp increase in the past few days including cement and banking were calming down slightly. Simultaneously some increase is envisioned in fence sitters like ITC, Reliance Capital and Infosys.

B Sahu, Khandwala Securities said that today market being knocking down by 96 points was estimable for the market as alteration is long overdue. Overall money flow in the market is fine, FIIs are pouring in money in the markets since last few trading sessions.

According to him, this is the moment for re-balancing and reshuffling the range. He commends investors to gather stocks of companies that are expected to nurture in coming future.

“It is moment to select your sector and stock,” said Mr. Sahu.

He also added that overall market trend is cheerful and optimistic. Tomorrow (July 26) is a decisive day for market because of F&O expiry. So, investors should watch out for global cues for Thursday`s trading session.