US West Texas Intermediate (WTI) futures were at $55.06 per barrel at 0122 GMT, down 20 cents, or 0.36 percent, from their last settlement. WTI settled 2.73-percent higher in the last session at its strongest closing level since Nov. 19.

The overarching theme of the budget is very clear. The government wants to address the two big constituents of the electorate – the farmers and the lower middle class. Hence, it doled out the farmer income package and the no income tax for those earning under Rs 5 lakh. You saw those announcements play out on Friday in the way the consumption stocks rallied. However, do ask yourself this question: are the moves enough to warrant a re-rating on these stocks or was today just about market positioning in most of these stocks?

Indian benchmark indices BSE Sensex and NSE's Nifty 50 are set for a muted start following mixed cues from the global markets. Here are the top stocks in focus today

The Indian market is likely to track mixed global cues on robust US jobs data. Investors also remained jittery ahead of first RBI policy meeting under the new governor. At 07:30 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was down by 0.13 percent at 10,897, pointing to a tepid start for the Sensex and the Nifty 50.