Upgrades in key stocks could add steam to current rally

In last one month, HDFC Bank, HDFC, RIL, HUL have had their 12-month price targets upped 10-15%

Although the benchmark Sensex and Nifty indices have rallied 15 per cent since the beginning of 2017, there could be more room for further upside, going by analysts' projections.

In the last one month, index heavyweights like HDFC Bank, HDFC, Reliance Industries and Hindustan Unilever have seen their consensus 12-month price targets being upped between 10 and 15 per cent. Interestingly, the increase in price target was despite some of these stocks climbing to record-high levels.

An analysis of consensus price targets for Sensex components indicates an upside of up to 10 per cent in the medium-term for the index. The Sensex