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Hyderabad-based Greenko is 52% owned by GIC of Singapore. The founder duo — Anil Chalamalasetti and Mahesh Kolli — together own 12%, Abu Dhabi Investment Authority owns 14% while the rest is owned by Japanese major Orix Corporation.

​So we have tried to be careful in terms of factoring in some of the risks which we are seeing across sectors in terms of slowdown in discretionary space, let us say weaker NIMs in the case of banks, etc. But let us say, the wild card is clearly the state of the global economy linked to interest rates.

Axis Securities believes that the Indian economy stands in a sweet spot of growth and remains the land of stability against the backdrop of a volatile global economy. It also believes that the current setup is a ‘Buy on Dips’ market.

​​Shares of Adani Enterprises were locked in 10% upper circuit limit at Rs 1,767.35. Stocks of 6 other group companies - Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar, Adani Power and NDTV - were locked in their 5% upper circuit brackets.

From the Sensex pack, SBI and IndusInd Bank were the top gainers, rising about 1.5-3%. NTPC, ITC, Power Grid, Tata Steel and HCL Tech also opened with gains. Meanwhile, only Sun Pharma and Asian Paints opened with cuts.

The meteorological department has flagged high probability of above normal temperatures in March-May, attributing 50% chance of El Nino conditions coinciding with the crucial southwest monsoon.

Stocks specifically, within the two-wheeler space, the brokerage is positive on Bajaj Auto as it expects recovery in domestic sales from now and bounce back of exports 3-4 months down the line as dollar scenario improves in Africa.

"He does not explicitly run an ESG fund, and importantly, his investors are well aware of that," he said in reference to GQG buying into Adani which has major coal assets. ESG stands for environmental, social and governance.

The cumulative trade deficit during April-January remained higher than its year-ago level, which may further weaken the rupee. Foreign portfolio investment outflows rose to a 7-month high in January as China reopened.

The Nifty IT index was trading 0.6 per cent up at 29896.6.