Sensex gains; ONGC, Lupin lead

Reuters Market Eye - The BSE Sensex is up 0.36 percent and the Nifty gains 0.34 percent, both heading for a second day of gains.

Oil and Natural Gas Corp gains 4 percent after CLSA upgrades the stock to "buy" from "outperform", citing prospect of a 20 percent upside to its share prices on positive factors such as the continuing hikes in monthly diesel prices and the recent doubling of gas prices.

Lupin gains 1.7 percent after the company signed a pact with MSD to co-market a vaccine for the Indian market.

Exide Industries gains 3.2 percent after Morgan Stanley and Credit Suisse upgrade their ratings on the auto battery maker.

(Reporting by Abhishek Vishnoi)