Look at defence stocks: Dilip Bhat

Dilip Bhat of Prabhudas Lilladher told CNBC-TV18, "In defence there is certainly a lot of talk about how the government wants to make it a priority because defence on an international basis is a big industry. So, if you are eyeing it may be the government has something up its sleeves. However, more important it will be how these things are going to be rolled out or is it just going to be bits and pieces which is not becoming very clear."

"There are very few stocks which you can be a direct beneficiary of this particular thing. So, the most obvious choices could be BEL and Astra Micro and BEML to some extent. However, there could be a lot of indirect plays which can spur a lot of activity and which could spill onto something like Larsen & Toubro (L&T) or maybe Bharat Forge or maybe some of the automobile industry. So, it is very difficult to play but it is better to stick to some of the indirect plays that may benefit the other industries which also would be doing well for their own reasons," he said.