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“We have to buy Reliance more on core business and near term it could continue to outperform because of the bigger concerns around rate hikes and its impact on the rest of the economy driven stocks. Longer term, it is retail business or the Jio Platform where the new generation businesses have to do better for the stock price to sustain. ”

“Long-term investors have gone into a bit of a hiding at this point of time and although there is money to invest, that money is waiting on the sidelines waiting for some amount of improvement on the macro factors and then look at stocks which are now available at reasonable valuations. One has to deal with at least two or three quarters of soft earnings going forward.”

Long-term investors have made big gains by investing in this largecap stock as it has surged over 900 per cent in the last ten years. While brokerages continue to remain bullish on this Tata group company, analysts see further selling pressure on the stock.

The global cryptocurrency market cap was trading flat at the $1.24 trillion mark, with no material change in the last 24 hours. However, the total cryptocurrency trading volume plunged about 7 per cent to $61.86 billion.

The seasoned market expert said as these two adjustments happen, growth will get downgraded. The margins which used to be 5-6% and went up to 12-15%, are now at 10-12%, and will need to fall to 6-8%, he said. “You will see a downgrade in PE multiples. That is why we are underweight IT services

ICICI Prudential Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 80345.41 Crore) operating in Financial Services sector.

The broad-based selloff wiped out more than Rs 2.51 lakh crore of investor wealth in the first five minutes of trading. The total market cap of BSE listed companies slipped to Rs 253 lakh crore on Friday.

Tech giants listed in Hong Kong were hit hard, with their sub-index opening 2.9% lower. Hong Kong shares of Alibaba fell 3.3% after affiliate Ant Group said it had no plan to initiate an initial public offering. This was a response to media reports that Beijing had approved relaunching the IPO.

Stocks that were in focus include names like Oil India which rallied over 6 per cent, Deepak Nitrite recouped losses and closed flat with a negative bias, and MRPL rose over 2 per cent on Thursday.

Despite the decline in FDI inflow, a flurry of new international project finance deals was announced in the country - 108 projects compared with 20 projects on average for the last 10 years, the agency said in its World Investment Report.