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"Sectors which have otherwise leveraged demand like autos or property or capex cycle dependent could be where they have been recommending for two and a half years. We need to figure out if those would see some earnings downgrades as the year goes. It will start off with valuations getting impacted. Eventually earnings will shore up as an impact may be two-three quarters later but markets will be ahead of it."

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In the Sensex pack, TCS and Infosys were the top laggards, falling about 1.5-2%. Asian Paints, HDFC, Tech Mahindra, HDFC Bank, HCL Tech and IndusInd Bank also opened with cuts. On the other hand Tata Motors, Tata Steel, Power Grid, M&M, Sun Pharma and Bajaj Finserv opened with gains.

The stock quoted a 52-week high price of Rs 440.75 and a 52-week low of Rs 206.1.

Motilal Oswal Research recently came out with its top investment ideas in the largecap space for 2023. According to the report, the brokerage house is betting on 10 largecap stocks that can give double-digit returns. Take a look.

The brokerage expects Bata to record 11% revenue growth withsneaker category (~20% revenues) to outperform formal category.

On the technical charts, the 200-day moving average of the stock stood at Rs 1255.54.

“The CBI should have acted much earlier. They filed this FIR in early 2019 and it took them three-four years to arrest the culprits and that too on such flimsy grounds that the high court had to release them. It appears that they solely arrested her just to disrupt the wedding and therefore probably for publicity.”

A total of 11,473 shares changed hands on the counter till 10:52AM (IST)

Meanwhile, with the growing preference for a China+1 strategy globally, experts expect the government to extend the tax sops under production-linked incentive (PLI) schemes for new manufacturing companies.