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"Going forward, markets are likely to sustain the current momentum, as stock-specific action will pick up with the onset of the Q1FY24 earning season," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

​Nifty had a strong 800-point rally in the last eight trading sessions, making an all-time high of 19,523. In the shorter time frame, momentum indicators show overbought signs, and FII index long positions have also reached 73%.

In their June quarter review, Dabur, Godrej Consumer Products and Adani Wilmar said sales volume growth improved due to a further drop in product prices and stability in demand.

Suzlon Energy Ltd on Friday said its board has approved a proposal to raise up to Rs 2,000 crore. The company will explore various financial routes to raise the amount.

Rare ARC has offered an upfront payment of ₹68 crore for a total loan of ₹110.4 crore, equating to a recovery of 62% for the private lender. The binding offer by Rare ARC has triggered a Swiss challenge auction. Coffee Day Global is a subsidiary of listed Coffee Day Enterprises, promoted by the late VG Siddhartha, who committed suicide in 2019 that shocked many in the business community.

“The Nifty experienced a significant decline after failing to maintain its position above 19500. This drop led to the index falling below the 21EMA on the hourly chart, indicating an increasing bearish sentiment in the market."

Infosys is down 11% this year, Wipro 1%, while TCS has risen only 1%. Tech Mahindra, HCL Tech, and MindTree have managed to gain between 11-19%, but interestingly, their upside seems dwarf in front of high double-digits to multibagger returns offered by some Tier-2 IT companies.

As tech companies head into Q1 earnings season this week, experts will also be keeping a close watch on any management commentary on the revision of the growth outlook for FY24, the spread of demand deterioration beyond BFSI (banking, financial services and insurance), hi-tech, telecom and retail verticals, net hiring, project ramp downs and pricing pressures, as key monitorables.

A correction in the rupee against the US dollar further weighed down domestic gold prices. As gold is primarily traded in the US dollar globally, a strong rupee decreases the cost of importing gold into the country.

A Mcap/Sales analysis can be performed on peer companies to explicate the valuation dynamic of each stock in the industry. This analysis can even be extended to per bed revenue & profitability detail to elaborate further like gestation period and productivity.