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“The bear market could lead to maturity in the crypto space. The multi-year bull run that we have had for a few years could sometimes lead to market exuberance. We have seen the same with traditional equity markets, too. Market corrections are an opportune moment to refocus on the fundamentals. I believe this phase will help users realise that crypto is not a get-rich-quick scheme.”

The Nifty Pharma index was trading 1.69 per cent down at 11863.0.

Visaka Industries, Ashirwad Steels & Industries and CIL Securities will have their annual general meetings while Jagsonpal Pharmaceuticals and Syschem (India) will have their EGMs today.Avantel will go ex-bonus today in the ratio of 3:1. The board of Sheela Foam will consider an ESOP.

Stocks that were in focus on Thursday included names like Sun Pharma Advanced Research Company (SPARC) which fell more than 8 per cent, Delta Corp which was down over 7 per cent, and M&M which lost nearly 2 per cent.

We rolled over our Nifty target to Mar’23 to 18,400 by valuing it at 20x on FY24 earnings vs. 22x earlier. We cut the Nifty multiple to accommodate the rising interest rate scenario, which started after a 40bps rate hike in early May’22 and 50bps on June 22. We believe, though aggressive policy tightening will help in curbing inflationary pressure, persistently elevated oil and commodity prices would continue to pose challenges to the market multiple in the next few quarters."

“The market on steroid seen in 2020-21 is not going to come back where everything went up. That phase of the market is not going to come back. We are going to have a slow, steady rise, stock picking and allocations will become much more important. Post this correction, the sectors to buy will be autos, capital goods and financials in this sequence.”

“If you are still convinced about your core story, you need to hold on to your stocks and see through this volatility as that should help in this environment. Our preferred banks continue to be ICICI Bank in the private banking space and SBI which is in the PSU banking space.”

"The appliance business is primarily distribution driven.. Over the past 24-30 months, we have appointed distributors in approximately 585 districts with a potential to service 175,000 retailers on a weekly or fortnightly basis. Our near-term target is to expand this coverage to around 650-675 districts which will improve retailer coverage further."

The global cryptocurrency market cap was trading at the $893.91 billion mark, dropping 7 per cent in the last 24 hours. However, total cryptocurrency trading volumes plunged about 40 per cent to $75.92 billion.

At 9.30 am, the BSE Sensex was trading 497.90 points or 0.97 per cent lower at 50,997.89. Nifty50 was trading at 15,197.50, down 163.10 points or 1.06 per cent. Midcap and smallcap indices fell up to 1.8 per cent.