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On the technical charts, the RSI of the stock stood at 45.94.

Stocks that were in focus include names like Cummins India which was up nearly 7%, KPIT Technologies rose nearly 2% to hit a fresh 52-week high, and M&M Financial Services hit a fresh 52-week high on Thursday.

U.S. short-term Treasury yields held near a one-month high, helping the dollar tick up against major peers, after Richmond Fed President Thomas Barkin overnight added to a chorus of hawkish central bank commentary in recent days.

"As per the Budget, capital investment outlay is being increased steeply for the third year in a row by 33% to Rs 10 lakh crore ($122 bn), which would be 3.3% of GDP. This will be almost three times the outlay in 2019-20. GDP growth, consumer market growth, and the export opportunity presented will continue to drive the market higher in the long term."

“The structural story of Indians being underinsured and this need for higher savings through insurance products remains. It is only a matter of time. They will do good in a year from now, when the growth rates return. All these are good, well managed companies. So we remain positive on insurance stocks.”

On the Options front, the weekly maximum Call OI is placed at 18000 and then towards 18200 strikes while the maximum Put OI is placed at 17800 and then towards 17600 strikes.

“On the long side, AB Capital is something that we like. We feel that the stock is ready to retest its December highs and one can buy with a target price of Rs 160 in mind. Rs 142 can be the stop loss for long positions. On the shorting side, we like Bharti Airtel. A fresh breakdown is on the cards. Once it breaches the Rs 760 mark, go short on Bharti Airtel with a very small stop loss of Rs 780.”

The Nifty 50 index fell 61 points or 0.34% to 17,832, while the S&P BSE Sensex declined 182 points or 0.30% to 60,624, as of 9.22 am.

"We believe the outperformance of the value stocks is likely to continue in H1CY23 and would be led by a pickup in the credit growth as well as a recovery in the domestic-cyclical stocks, which would be in line with the pickup in the domestic economy," said Axis analyst Neeraj Chadawar.

“The long-term structural money that is coming to SIPs will continue to come and every month we have been seeing a slightly higher number compared to previous. So, that trend should continue. However, the lump sum investments are not coming in at this point of time for the industry. Also, the redemptions have picked up a bit, which is natural.”