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Global brokerage JPMorgan, however, termed the stock reaction as excessive. In a note to investors, it said the fall offers an attractive entry opportunity. It said RIL would have strong underlying cash flows and earnings even after paying export tax

“GRM margin of Reliance in refining business has hovered around 8-10 and previously it used to be around 12. If one takes the mean average of the last 10 years, Reliance’s margin would still exceed the 10-year average. If the de-rating is more sentiment driven by stock market participants – whether it is mutual funds, short term, long term whatever – if the market sentiment gets worse, it is an opportunity for a long term stock.”

"Even in the longer run, VCs have been funding crypto startups on the back of rising retail interest in India. India has the potential to become a leader in the crypto ecosystem. If the growth rebounds, VCs would be willing to fund," he added.However, not everyone

Computer hardware, steel, fertiliser, and coal importers face a possible downgrade, while companies from sectors such as pharma, paper, tea and textile firms may benefit from an upgrade, said, chief rating officers. Even the outlook can be revised.

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"Such market action signals a short-term bottom reversal pattern for the market. This could also indicate a false downside breakout of the small range at the 15,700 level. This is a positive indication, and one may expect upside in the short term," Shetti said.

Benchmark indices- BSE Sensex and Nifty50- dropped 10 per cent each during the given period. Among the indices gauged to second rung stocks, BSE midcap index dropped 13 per cent, whereas smallcap index plunged 16 per cent.

“Right now, there is a lot of value in companies where the margins have been hit in the near term but the overall business remains solid. From Q2 onwards, margins of some of these companies will start improving and by Q3, Q4 we will go back to normalised margins especially in Q4 for a lot of these companies.”

On Friday, after plunging nearly 900 points during the day on the back of a sharp fall in heavyweight Reliance Industries, the indices managed to trim losses, with Sensex falling 111 points or 0.21 per cent to 52,907.93. The Nifty fell 28.20 points but closed above the 15,700 mark.

The stock bounced back after hitting a low of Rs 836 on 7 June to reclaim 50, and 200-DMA on the daily charts which is a positive sign for the bulls. The auto and auto ancillary space extended its outperformance as the Nifty Auto index is poised for a breakout above its multi-year highs since CY17.