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“Just waiting for a few weeks is not going to do you any harm. Have your shopping list ready but the broader market will take time to recover and will always be led by the largecaps first and then the confidence across the broader market. I am just a little bit nervous about just going to buy anything at the moment. There is a time and it is not right now.”

Promoter buying at a time when share prices have been crumbling is a win-win strategy for the stock. One, it shows the confidence of its owners in the company’s business. Two, it leads to more retail buying, pushing stock prices higher.

“There is a bit of stress on demand. We have seen that continue into January. February is looking slightly better and so I am keeping my fingers crossed that we would be growing out of this. But that said, for Tata Consumer specifically, we remain focussed on the medium to longer term to build a large food and beverage and FMCG business. ”

In an interview with ET NOW, Rashesh Shah of Edelweiss Group said geopolitical events have always had a knee jerk reaction from investors and there is a global risk-off that happens immediately, gold goes up and US currency strengths.

“India’s gross domestic savings are close to a trillion dollars and in that context, about $20 billion of FII selling has got absorbed. That is good news for India because the equity market is always about risk capital. In risk capital, I do think we have become atmanirbhar now. ”

Gains in the CSI300 were led by battery maker Contemporary Amperex Technology (CATL), up 4.16%, and distiller Kweichow Moutai, which was 1.98% higher.

"Japanese market made a big reversal from sharp losses in a short period of time," Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute said, adding that the rebound, however, seems to be a little too strong given declines in the Nasdaq futures.

The pan-European STOXX 600 index rose 0.6% after sliding to its lowest since May 2021 in the previous session. The benchmark was on course to end the week with losses of over 4%.

The announcement comes after the government has given some sort of legitimacy to cryptocurrencies after levying a tax on them. Though, the Finance Ministry has categorically denied that the move makes them legal in India.

Chirag Mehta, Senior Fund Manager, Alternative Investments, Quantum AMC said "While the Russia-Ukraine conflict will be in the headlines for some time now, investors must keep in mind that gold is not a tactical play."