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“The bear market has been underway for some time and I have said that earlier. It is going to be very selective. The auto index was up on Friday. I think a lot of the previous momentum names will continue to go down and we will have a new rung of leaders coming in. So tough times for the markets.”

The group has prepared a response of more than 100 pages and is also seeking legal advice on when to release it, one of the people said, asking not to be identified because the information is private. While it won’t be before Jan. 31, the people did not specify when the reply would come.

While last year’s 20% hit to the S&P 500 was the worst since the financial crisis, it did little to chip away at the bounty laid up by buy-and-hold faithful. That’s evident in the S&P 500’s annualized return over the past 10 years, which stood at 11.7% even at last year’s trough. While down from 16% from a year earlier, the gain was still above the average of 10.6% over any decade since 1927, and beat all but four long-term returns at the end of 13 bear markets.

"Pharma is certainly one of the spaces that one should look at because that is one of the space which has not done anything at all. They have only gone down. I think one should definitely look into some of the frontline pharma stocks like Sun Pharma, Lupin, Cipla. I will also be a little more comfortable with something like Larsen & Toubro or Siemens or ABB."

FPO is a type of fundraising option for listed entities. It allows the company to issue fresh shares to new or existing shareholders of the company

"Banking sector gets very vulnerable if any news comes of even a possibility of some default which may or may not happen. This is one sector which is coming out of the NPA cycle and we do not want another wave to come and hit them. It is a highly vulnerable sector that has moved a lot in the last few quarters and had driven the markets to these levels. And now that sector is taking a knock."

That’s about 30k in premium or about 30% of the account size. It won’t even take a 2% gap down open for that option to get halved the next day. Before they even realize, 15k is wiped out and that’s 15% of trading capital

An over 21% fall in Adani Ports shares in the last two trading days of the week gone by resulted in over Rs 3,000 crore of losses for LIC. In Adani Enterprises, the flagship company of the group, LIC incurred a loss of close to Rs 3,300 crore due to a 20% fall in the share price on Wednesday and Friday. Besides these two companies, the country’s largest life insurer holds significant stake in Adani Total Gas, ACC and Ambuja Cements.

"Gold is no longer playing the role of a safe haven during economic crises (as it should have during the Ukraine-Russia War, but did not), nor is it serving as an effective inflation hedge. This is because of trading in gold. Conceptually, depreciation of the INR relative to the USD results in gold prices in INR terms increasing, as India imports a lot of gold."

The Rs 20,000-crore Adani Enterprises FPO, which opened on Friday, received bids for about 1% of the shares on offer, after allegations of governance lapses and price “manipulation” by US activist short-seller Hindenburg Research triggered panic selling in shares of the conglomerate’s companies. The issue runs January 27-31. “There is no change in either the schedule or the issue price,” said an Adani Group spokesperson on Saturday.