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Frontline indices erased over 1 per cent gains and settled with minor cuts, with the 30 share pack Sensex, settling 100 points lower at 53,134. Its broader peer, Nifty50, ended the session near the 15,800 mark.

“In case of largecap Indian metals and mining stocks, we do not know how it will pan out but if you take price to book as a trough and keep earnings aside for a moment and look at where the balance sheet is today versus when it was in 2009, for some of the stocks, the markets are being too pessimistic versus the underlying situation.”

If the purchasing intensity of the local funds continues to sap, it may weigh on the performance of Indian equities. The average daily cash volume on the NSE dropped by 45% to Rs 44,600 crore in June 2022, compared with the peak of Rs 81,400 crore in October 2021.​

"Investors took a fresh view on technology and growth stocks as U.S. yields stabled. They were buying back shares that fell too much." said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

“While profits generated from oil exports will fall because of windfall taxes, they will likely remain higher than the levels over April 2020 to March 2022 if refining margins are sustained at the highs seen in April to June this year,” wrote Moody’s analyst Hui Ting Sim in a note. “High crude oil prices will support the earnings of oil producers.

“One of the important triggers for some of these large financial counters to perform would be the reversal of FII flows. As and when the overall macros improve – not just in India but in emerging markets and the US – FIIs flows will again reverse because India remains an attractive destination.”

Overall, seven mutual funds held a total 7.4 per cent stake in the chemical manufacturer. A total of 14 foreign portfolio investors together owned a 1.8 per cent stake in the firm. One insurance company owned a 0.17 per cent stake in the company. Overall, institutions accounted for a 10.13 per cent stake.

Sachin Shah, Fund Manager, Emkay Investment Managers, said the current financial matrix as well the policy support is best suited for the manufacturing companies to outperform the broader markets.

The domestic exchanges collectively conducted the survey and included only those traders who were active from the beginning of the year till April 15. The survey aims to highlight the mood of crypto traders over higher taxation.​

“Equity markets are all about being optimistic. If you are pessimistic, please buy gold and keep it below your pillow. If you are optimistic, then only come into the equity market. So it is not only about being a fund manager, I think it is about being an investor. In the last 25 years, only those who have been optimistic and positive have created wealth. The rest are all waiting for the best time to invest.”