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Stocks that were in focus include names like KRBL which bucked the trend to close with gains of over 15 per cent, Punjab National Bank hit a 52-week low and closed with losses of over 13 per cent, and IDFC First Bank fell more than 5 per cent.

GM Breweries, which had announced a final dividend of Rs 5 per share, will also go, ex-dividend today.

The near-term target for the stock is placed at Rs 141-144 for May series. The stock touched an intraday low of Rs 148 on 12 May.

The first and most important rule is - avoiding high PE stocks. In the recent fall in US and Indian markets, in an environment of rising rates, the highest falls have been witnessed by the high PE stocks. In the ongoing market fall, valuation correction is likely to be the main theme and will be concentrated in some of the expensive names.

“If you look at groups that did not fall or stocks that did not fall much, stocks that actually went up in this period, you have a good selective action and then go down through the screeners, look at the fundamentals to see whether they exhibited any sales growth, margin growth, margins stability, margin increase etc.”

“Every market correction is an opportunity in hindsight. What we are trying to do is be a little bit more counter cyclical over here and try and take advantage of the fluctuations rather than succumb to it. So nobody can time it precisely but I would rather be on the side of taking advantage of this downturn rather than getting panicky about seeing prices falling every day. ”

“For investors who are going to have a medium term perspective, it is time to nibble in and start buying into it and not be bothered too much about what will happen to the listed equities over the next week or 10 days. I think that markets will settle down somewhere over the next few weeks.”

Titan Company advanced 2.28 per cent to Rs 2,095.20. Tata Steel and Bajaj Finance gained over 2 per cent.

Binance edged 0.17 per cent higher at $1. Solana dropped 7.91 per cent to $47.14, taking its weekly fall to 44 per cent. Dogecoin surged 6.16 per cent to $0.088, after having fallen 31 per cent in the last one week. Polkadot rose 7.4 per cent, Avalanche was up 3.6 per cent while Shibu Inu added 3.44 per cent.

At 09:30 am, June gold futures on MCX were trading 0.08 per cent lower at Rs 50,135 per 10 gram. However, silver futures rose 0.19 per cent to Rs 58,865 per kg.