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"In India we never had that many companies, we had hardly five or six companies. When we look at sectors like chemicals, for example, they seem to be in some extremely high-valued sectors, some of the small caps in certain sectors look very overvalued. So maybe those areas will not form part of the next bull market.

“I feel that we have a little more to slip – 4-5%. I think maybe 14,500 on the Nifty. We moved 3% intraday yesterday. It is not something massive. But I feel that the market would then consolidate for some period of time. The reason is that in the last decade, we always had V-shaped corrections whenever the markets fell.”

Vodafone Idea’s total user base slid to just over 25.9 crore in April. India’s total wireless subscriber count witnessed a slight increase to 114.3 crore users at the end of April 2022.

“For at least six months it is going to be very volatile because the Fed is contracting the balance sheet. For most government securities, Fed was the biggest buyer. We do not know how it plays out but once inflation settles at a more palatable level, focus would come back on micro and fundamentals which remain very healthy for an economy like India.”

Jhunjhunwala, who along with his better half Rekha owned 5.1 per cent stake in the Tata Group company, several other long-term investors have been bullish on Titan stock. PMS fund manager Saurabh Mukherjea had recently said that after TCS and HDFC Bank, Titan is the third stock that can become a $1 trillion company after 10 years.

"Robust performance during challenging times and industry leading performance will continue to warrant premium valuations for Trent. We maintain our BUY rating on the stock," said ICICIdirect in a note. This brokerage has a target of Rs 1,470 on the stock.

Mahindra & Mahindra Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 124070.62 Crore) operating in Auto sector.

S Naren of ICICI Prudential MF said the market has not reached a point of maximum pessimism as yet and believes equities would be very attractive if the market were to fall more. "Markets will have to spend some more time consolidating.

Automobiles are a good trade which is building in especially from the recovery of volume perspective, said Vikas Khemani, Founder, Carnelian Capital Advisors. "We know that because of the semiconductor chip shortage, demand and growth have been muted but 2023 could be a very good year from that perspective," Khemani added.

Amid the correction seen in the index, some of its constituents have also seen a 6-41 per cent fall in their values. As many as eight index stocks have cumulatively wiped out Rs 12.76 lakh crore of investor wealth. The majority of these index stocks are from technology, financial or banking sectors, and have the biggest weights in the index. Each of these constituents has eroded more than Rs 1 lakh crore each, since October 19.