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The pan-European STOXX 600 was up 0.3% at 0814 GMT, coming off a 6.7% jump last month - its biggest gain in any January since 2015 - on hopes of better-than-expected corporate earnings and signs of economic resilience.Danish drug maker Novo Nordisk rose 2.2%, and led the gains among healthcare stocks, on strong 2023 sales growth expectations.

Apart from promoting value addition in TV manufacturing, Sitharaman took the same approach for other electronics like mobile phones by providing relief in customs duty on import of certain parts like camera lens while continuing the concessional duty on lithium-ion cells for batteries for another year.

Sitharaman gave a major boost to the consumption economy by increasing the income tax rebate for individuals from Rs 5 lakh to Rs 7 lakh in the Budget. Analysts said this will free up more funds for spending and boost consumption which will have a multiplier effect on the economy.

There are some other exemptions also, you will note in the Budget, which we have removed this year. And so, going with that trend, the new regime has been made the default regime.

“Between last September to June 2022, FIIs sold close to $30 billion worth shares and markets stood extremely firm. The impact of FIIs flows is probably going to moderate and therefore the volatility of the Indian market going forward should be lower to that extent. It should not swing too much to FIIs flows and that is a structural positive.”

Shares of EIH (Oberoi group hotels) surged over 7.7% to Rs 175, while shares of Indian Hotels rose 7.6% to Rs 323.4 on BSE. HLV and Mahindra Holidays also gained up to 5%.

She also talked about setting up an agriculture accelerated fund to promote agri startups in rural India to improve farm productivity and farmers profitability. ICICI Direct said measures to boost farm income in the Budget are positive for the farm mechanisation space with key beneficiaries being M&M and Escorts on the tractor front.

ICICI Securities upgrade its rating to BUY from ADD with a revised SoTP-based target price of Rs399/share (earlier Rs366) driven by earnings upgrades.

Other major gainers were IRB Infrastructure Developers, Hindustan Construction Co, ITD Cementation, KNR Constructions, Gayatri Projects, ARSS Infrastructure, and Dilip Buildcon, which rose 0.5-5%.

The emphasis to increase cotton crop productivity will be positive for cotton textile stocks. At the bourses, these stocks rallied up to 3% in morning deals on NSE.HP Cotton Textile Mills, one of the largest exporters of cotton specialty yarns and cotton sewing threads in India, rallied 3.19% to Rs 103.65.