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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.

“There is no truth to Edelweiss Mutual Fund being on the block. I completely and absolutely refute any such rumours and reports. On the contrary, I think we have built a very high quality franchise. We have just started to show meaningful profitability last year because of the growth in the equity book and we could even be looking at a listing of this business in two, three years.”

Alliance Integrated Metaliks (835 per cent up), Beekay Niryat (575 per cent up), BLS Infotech (550 per cent up), Sadhna Broadcast (510 per cent up) and Mid India Industries (500 per cent up) are other players to gain more than 500 per cent.

​​​The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonne of crude oil produced domestically.

Dutch semiconductor equipment maker ASML, Franco-Italian chipmaker STMicroelectronics and German chipmaker Infineon fell between 3.1% and 4.1% after Micron gave a significantly weaker-than-expected business outlook.

“The tax increase in gold imports is a step in the right direction. Similarly, one has to see what can be done to curb imports without actually damaging the manufacturing capability or the imports for all other things. We have to push the economy higher and at the same time, rein in a depreciating rupee.”

"This indicates that interest in the market has significantly dropped. Further, the number of NSE stocks trading above their 200 day simple moving average (SMA) has dropped to 13.7 per cent against 96 per cent in June 2021. During the Covid outbreak in March 2020 only 10 per cent of the stocks were above their 200 SMA. So right now, the apprehension to invest fresh money seems high," she said.