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The Nifty Auto index was trading 0.38 per cent up at 13374.9.

A total of 497 shares changed hands on the counter till 10:41AM (IST).

“In the next 12-18 months, it is far more important for India to meet its $5 trillion target or whatever the target is, to survive 2023-2024 without losing macroeconomic stability and the key is going to be maintaining and preserving macro stability in a very difficult global environment and then do things on the reform side and get to a faster growth trajectory.”

Tech Mahindra on Monday said its consolidated net profit for the quarter ended December declined 5.3% year-on-year (YoY) to Rs 1,297 crore. >> For more such web stories click on the ET icon below

“What we need to really see is a more committed effort to get people who are still out of the tax net into paying their due taxes. The government has to do something to stop people like us from being cheated because there is somebody next to you who has 30% more income simply because they are out of the tax net.”

On the options front, the weekly maximum Call OI is seen at 18000 and then towards 18200 strikes while the weekly Maximum Put OI is placed at 17000 and then towards 17500 strikes.

“In the case of Adani Group, the companies will individually start recovering the prices on the basis of merit. Some of the companies have hit the lower circuits on fear of selling in MSCI related portfolios. If that particular fear recedes, then some of the companies would recover. I do not know about a V-shape recovery but there would be a smart recovery and stability in prices.”

In the Sensex pack, ICICI Bank, HDFC, HDFC Bank, Power Grid and SBI were the top gainers, rising over 1% each. Asian Paints, Bajaj Finance, Bajaj Finserv, Axis Bank and Tech Mahindra also opened with gains. On the other hand, only L&T opened with cuts.

“On real GDP growth, we project a baseline number of 6.5% for the next financial year with a band of 6% to 6.8%. We also acknowledged that downside risks dominate the upside risk to this number. The Economic Survey at the end of the day is an assessment of economic conditions and the near term prospects and we have also highlighted some areas where actions are needed. We do not see this as an occasion for grandstanding.”

After the stress on the market seen in the run-up to the event, post-budget sessions may actually turn out to be better as historical data shows that a week after the Budget, the index has delivered an average return of 1.36% in the last 15 years.