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So there could be still hidden companies here which can give you phenomenal returns. One has to take efforts and identify them. But the only issue is that you need to have extreme comfort on the management. You need to have extreme comfort on the growth path.

Further, coming to the domestic front, RBI’s recent rate pause for the time being and trimming down inflation expectations for the next year, highlights the resilience in the domestic economy.

Godrej Consumer Products shares have given returns of more than 19% over a 12-month period, outperforming Nifty50 which has risen 1% during this period, according to Trendlyne data. The average volatility has been relatively low as the counter has traded with a 1-year Beta of 0.57.

TCS reported a 16.9% year-on-year (YoY) jump in its March quarter revenue at Rs 59,162 crore while its profit rose 14.76% YoY to Rs 11,392 crore. Both the top and bottomline figures were below Street estimates.

“Nifty has formed a bullish candle in the previous session on the daily frame with longer lower shadow indicating strong support-based buying and it has been making higher highs - higher lows from the last eight sessions,” he said.

Paytm, Policybazaar, and IndiaMart have shown encouraging quarterly and monthly performances, according to Dipan Mehta, Director at Elixir Equities. While PolicyBazaar is yet to break even, its solid business model may lead to significant profits once that point is reached. Despite a shrinking operating margin in IndiaMart over the past few quarters, the company is well-positioned for growth.

​So headline inflation year on year has now dropped below core year on year which is the first time it has done that for quite a while. And therefore I think what the market is doing is having a second look at these core numbers. And what these core numbers mean for sure is that the Fed is going to raise interest rates one more time anyway at the beginning of May.

From the Sensex pack, IndusInd Bank, Infosys, HCL Tech, Tech Mahindra, TCS and Wipro were the top laggards, falling 1-3%. However, M&M, Power Grid, Reliance, Tata Steel, and UltraTech Cement opened with gains.

Strong comeback of bullish, fastest retracement of recent down fall, huge rising volumes.

​Now what is very important here is all of a sudden we are seeing a patch where the real policy rate seems to be something like 100 bps higher compared to where it was still a few days back. So overall pretty good news