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It is imperative for public spending to lead the way for a broad capex revival in the system for various reasons.

The Nikkei share average fell 1.06% to 27,241.31, while the broader Topix lost 0.86% to 1,919.92.

“We have been cautious on domestic consumer stocks for some time and the Budget only helps reinforce that view and within that, we prefer infrastructure and lenders over consumer stocks in India.”

​Overall, the Budget gambit hinges crucially on hopes of improved traction in India’s private sector, quick revival in private capex, pick up in employment, wage growth, and leveraging potential of the banking sector.

Most analysts are positive on the issue, while some advise caution. They see its market leading position, growing Indian wedding and celebration wear market and strong supply chain management as positives for the company.

On the technical charts, the RSI of the stock stood at 39.55.

A total of 89,110 shares changed hands on the counter till time (IST).

The stock traded at a P/E multiple of 55.98, while the price-to-book value ratio stood at 16.38.

“With an exception or two, the view for metals is neutral to slightly negative.”

As of 31-Dec-2021, promoters held 29.33 per cent stake in the company, while FIIs held 52.41 per cent and domestic institutional investors had 6.64 per cent.