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“The metal index this year has gone up nearly 40%. After such an up move, given the way I see the US Fed policy leading to liquidity withdrawal from the system playing out and combined with the slowdown in China, it will be very tough for the commodity sectors overall.”

Mirroring optimism in equities despite worries related to geopolitical tension, inflation concerns, FII selling, the market capitalisation of BSE-listed firms rallied by Rs 59,75,686.84 crore to Rs 2,64,06,501.38 crore in the entire 2021-22 fiscal.

“2022 appears to be a year where one can get a lot of consolidation, moves between the previous highs and the lows that we saw recently. This kind of a consolidating grinding move can continue for the next two-three quarters and based on the earnings growth trajectory, we will move higher. The underlying trend remains bullish on the upside but 2022 provides a number of triggers for consolidation.”

Despite the global equity market reeling under the heat of the war for over a month, the Nifty has advanced over 5% this month and has emerged as the best performing index in FY22, beating global peers by zooming 19%.

"Investors continued to sell stocks from yesterday, especially those they bought to secure dividend payouts," said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.

Oil and gas stocks fell 0.8% as the United States weighed releasing a record amount of up to 180 million barrels from its strategic petroleum reserve to control prices that have surged in the wake of a conflict between Russia and Ukraine.

A general trend is that most of the multibaggers in the list are from smallcap space, where there is more room for them to grow. Among better-known names that have surged multifold in the period are NDTV, DB Realty, Ugar Sugar Works, Triveni Glass and Gujarat Mineral Development Corporation.

Analysts say that over the last six months, the strategy of buying when markets have fallen has worked well for investors and the trend is likely to persist going forward if one considers certain key technical indicators.

Sector-wise, Nifty Metal was the best performer, rising 62 per cent during the year. The sector gained attention after a rally in commodity prices across the world improved the outlook of companies from the segment. Aluminium, copper and steel prices have made fresh multi-year records in the past 12 months.

The island nation of 22 million is facing its worst economic crisis in decades, with severely depleted foreign exchange reserves stalling the imports of essentials including fuel, leading to power cuts of up to 13 hours across most parts of the country.