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Now, the market is close to an all-time high level. The first round of results is mostly from high-calibre companies. About 2/3rd and 1/2nd of Nifty50 and Nifty500 companies have revealed their results, which have been digested by the market.

According to PwC’s review, the top 40 mining companies’ future success will depend on whether they take a leading role in the world’s clean energy transition and continue to generate significant stakeholder value. This year’s report suggests that the rewards for those miners that emerge as leaders in the clean energy transition could be immense.

The company reported an increase of more than 7% in revenue from operations at Rs 10,665.7 crore in the July-September 2022 period compared to a revenue of Rs 9,930.74 crore in the year ago period.

"The biggest downside risk can come from earnings. If they disappoint, then we may see a derating of the markets."

Nifty50 and Nifty Private Bank indices both have outperformed the Nifty PSU bank by ~8x and ~11x, respectively. But the recent stock performance of PSU banks has been rather unprecedented. On a YTD basis, Nifty PSU bank index has gained about 34%, while Nifty 50 and Nifty Private Bank index have gained only ~14.25% & ~2.2%, respectively.

Even technical charts are suggesting there is momentum in the sector. Shilpa Rout, Derivatives - Lead Analyst, Prabhudas Lilladher said metals could soon see a turnaround move.

The reasons are two-fold: the focus on profitability has become key criterion investors now seek for new-age start-ups looking to get listed. Secondly, due to reducing liquidity scenarios, public markets have started to give a far lower multiple to such businesses.

Even after a massive valuation correction, stocks are far from screamingly cheap, going by past bear-market bottoms. At the low in October, the S&P 500 was trading at 17.3 times profits, exceeding trough valuations from all 11 previous drawdowns and topping the median of those by 30%.

"So long as oil prices remain contained below $100/bbl, INR should remain range bound. The risk to INR primarily comes from oil prices moving sharply north of $100-110/bbl range, thus forcing RBI’s hand with higher domestic rates to contain external sector risks."

No Iranian cryptocurrency platforms are currently under sanctions. But US-imposed restrictions prohibit a US entity or US national from selling goods and services to Iranian residents, businesses or institutions. The ban includes financial services.