In case of Reliance Industries, the median target of 31 analysts was at Rs 2,272.10, which suggests 8 per cent potential downside. This stock hit its 52-week high of Rs 2,496.95 today. RIL has risen 25 per cent year-to-date and 11.50 per cent in the last one year.

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The profit after tax has dropped by more than one-tenth in the last four years.

Hong Kong rose more than one percent, with Evergrande surging about 30 percent briefly before easing back slightly -- though its shares are still down more than 80 percent this year. There were also gains for other property developers as well as banks that have exposure to the firm.

The blue-chip FTSE 100 gained 0.3% with Glencore , Rio Tinto, BP and Royal Dutch Shell among the top boosts.

A total of 358,477 shares changed hands on the counter till 01:33PM (IST)

The S&P/ASX 200 index rose 1% to close at 7,370.2, with all the sectors in black. The benchmark climbed 0.32% on Wednesday.

The Relative Strength Index of the stock stood at 41.35 on Thursday.

Fed Chairman Jerome Powell said the U.S. central bank could conclude its tapering process around the middle of next year, as long as the recovery remains on track.

Citi said most of these concerns should get addressed starting from the second quarter of FY22. The brokerage has raised target price to Rs 1,900 from Rs 1,800 and retained a buy rating on HDFC Bank shares.