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Overall, Adani Group stocks, which have been performing well during the year despite market consolidation, have now lost 4.2 per cent or Rs 47,307 crore off their market capitalisation since February 15.

“If there is deployable cash and if one has stayed out of the market till now, then, if one was to invest at current levels, then the next one-year, two-year returns are going to be very favourable. One is going to buy favoured sectors at much lower prices than what it should be.”

“Do not just jump in today, the first day of correction, Just wait and watch in terms of how events pan out. I personally would think that at any point around 16,000-16,500 there will be value buying opportunities which are occurring now. So once there is clarity that this is not something very full scale involving the world powers, then one can start nibbling in.”

The crypto behemoth slipped below $34,500 levels from $39,122 earlier. However, it recovered back to $34,732 by 13.00 hours IST, the data from coinmarketcap suggested. The total volumes zoomed over 41 per cent as Bitcoin worth $32.5 billion exchanged hands in the last 24 hours, the data suggested.

On the technical charts, the 200-day moving average of the stock stood at Rs 89.26.

The ratio has averaged 3 per cent for the last 20 years and the current ratio was around 2.6 in 2021. Even if oil averages at $100 a barrel, the ratio will still stay benign.

A total of 2,977,382 shares changed hands on the counter till 02:10PM (IST)

“Russia is a major supplier of a lot of metals – Palladium, aluminium. They supply coal. So there are a lot of commodities that are coming out of Russia and that can create risks that we cannot quantify right now. The markets will have to get to valuations where all these risks are discounted. However, markets are far from being screaming buys.”

The Relative Strength Index of the stock stood at 31.71 on Thursday.

The stock quoted a 52-week high price of Rs 724.5 and a 52-week low of Rs 411.0.