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“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.

Jio has launched its 5G services using the stand-alone (SA) 5G architecture which has no dependency on 4G network using a mix of 5G spectrum across 700 MHz, 3500 MHz, 26 GHz bands. It uses carrier aggregation to combine these 5G frequencies into a single robust “data highway”.

Increase in tax exemption limit with consequent more disposable income for Indian taxpayers in Union Budget 2023-24 is a positive development for domestic automobile space and shall spur growth for the domestic passenger vehicle industry. Positive for Maruti Suzuki, M&M, and Tata Motors in our coverage universe. It is also positive for the premium motorcycle segment with Eicher Motors as key beneficiary with the popular Royal Enfield franchise," said brokerage firm ICICI Direct.

​The participation by some of India’s biggest corporate names, some with potentially rival business interests, comes as the Hindenburg Research allegations against Adani are seen by some domestically as threatening the country’s economy at large.

Promoters held 55.72 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 20.48 per cent and 13.22 per cent, respectively.