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Majority of the laggards have been hit by rich valuations, muted earnings, abysmal corporate governance and destitute fundamentals, whereas scanty consumer demand has the others.

The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore, Rs 60 crore "unaccounted" cash used to purchase land in Delhi and role of some shell companies after it raided Hero Motocorp and two other groups, officials said on Thursday.

Promoters held 74.36 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 16.46 per cent and 2.63 per cent, respectively.

For the entire 2021-22 fiscal, APL Apollo registered a sales of 17,54,963 tonne compared to 16,40,353 tonne in FY2020-21.

The stock quoted a 52-week high price of Rs 1267.5 and low of Rs 678.65.

“It is a double whammy for consumer companies and this is the time to stay out. Over the next six months, some of these companies will present opportunities as these are long-term growth companies and such cyclical opportunities of declines allow us to buy into them. I have been waiting for a long time and in the next 3-6 months will get the opportunity to buy some of these.”

Specialty chemicals, API makers and capital markets are seen as good themes to play this financial year. Analysts largely are mixed on banking and financial space.

On the technical charts, the RSI of the stock stood at 56.7.

Gold futures on MCX were trading down 0.36 per cent or Rs 189 at Rs 51,977 per 10 grams. Silver futures were trading lower by 0.35 per cent or Rs 238 at Rs 67,249 per kg.

“Although TDS is applicable from July 1, I do not think any of those provisions today are practically implementable. For example, today the onus of payment of deduction of TDS is on the buyer but typically in an exchange, the buyer never knows who the seller is and there is no clarity. There is TDS also on crypto to crypto swaps. But there is no clarity on how to value it and how you actually convert that transaction to Indian rupees.”