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One such asset is "Squid coin", which last month launched without the permission of Netflix, and within days rocketed in value before plummeting to a near-zero valuation.

“One can see minor corrections but we do not see a large fall in Nifty.“

“Our pecking order in terms of the consumer names would start with HUL. We also have Dabur as one of our top largecap picks along with Godrej Consumer. Within the midcap universe we prefer Marico.”

Net profit for the three months through September rose to 39.5 billion yuan ($6.18 billion), above an average Refinitiv estimate of 35 billion yuan drawn from 14 analysts.

The stock traded at a P/E multiple of -13.04, while the price-to-book value ratio stood at 599.54.

Motilal Oswal says the stock trades at over 30 per cent discount (on an FY23E basis) to its five-year average core P/E, and maintains a buy on the stock with a target of Rs 1,150/share.

Astha Jain, Senior Research Analyst, Hem Securities, said the investors should not think of making any fresh investment in Nykaa at this point of time.

Technology has led this bull market -- be it Infosys, Tata Elxsi -- that is one theme that has played out and that is a big change. Billions of dollars have been poured in globally and in India and the stock market winners are still to be announced. We do not really have the pure plays but I believe that should emerge in the next year or so."

The stock quoted a 52-week high of Rs 754.1 and a 52-week low of Rs 364.7.

The Relative Strength Index of the stock stood at 35.53 on Wednesday.