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“The company doesn’t have a listed peer, but the valuation demanded is too rich despite the prospects being good and the current volatile market is not conducive for primary issues with such rich valuations,” said Aayush Agrawal, Senior Analyst, Swastika Investmart.

"Inter-market relationship is in a mess currently, which is taking a toll in the commodities space. The US dollar index has retreated off its peak, yet the structure is bullish, a pullback is seen in commodity currency (i.e. Australian Dollar Futures, yet the overall structure is bearish. If these situations persist, there appears to be no point in calling a bottom in metals space."

The US dollar index slumped to a 1-month low amid lower bond yields, disappointing US economic data, reduced safe-haven buying, and increased debate about Fed’s monetary policy stance.

The market has now discounted a lot of the negative news, a lot (of which) hit all at once," said Keith Buchanan, portfolio manager at GLOBALT in Atlanta. "Now we have absorbed that news and the actions the Fed is going to take, and we’re wrapping up earnings season.

Emkay Global sees standalone profit for M&M rising 17.5 per cent YoY to Rs 1,178.10 crore from Rs 1,002 crore in the year-ago quarter. It sees sales rising 29.5 per cent YoY to Rs 17,270.50 crore from Rs 13,338.20 crore. Ebitda margin is seen compressing 246 basis points YoY to 12.2 from 14.7 per cent in the year-ago quarter.

The collapse in crypto prices this month has renewed scrutiny of the celebrity marketers who sell virtual currencies to the masses. Over the last year, actor Matt Damon and comedian Larry David have starred in high-profile TV commercials for crypto platforms, trumpeting digital assets as an unmissable moneymaking opportunity.

'But if we look at the overall setup, Nifty has added almost 26 lakh shares for this series on the rollover day which shows that there was an addition in the Nifty position. But looking at the oversold territory for most of the sectors, the Nifty has witnessed a smart recovery and now we are trading above the 16,200 level.'

'Corporate earnings have had strong growth for the past two years in spite of the Covid-led slowdown by registering a growth of about 18% and 37% in FY21 and FY22 respectively.While the earnings growth estimates for the FY23 continue to be good at about 18-20%, there remains a concern about rise in inflation and interest rates.'

Total income in the quarter dropped to Rs 183.92 crore from Rs 295.46 crore in the year-ago period.or the full fiscal 2021-22, the company reported a consolidated net loss of Rs 429.80 crore, as against Rs 307.12 crore loss in FY21.

Considering the global macros, a strong positive catalyst may be needed to put a pause to this correction phase. Although current valuations do provide a good point to start building a strong long-term portfolio.