Stocks that were in focus included RIL which fell more than 7 per cent, MRPL which was down nearly 10 per cent, and ONGC which saw a dip of over 13 per cent.

Barring Dogecoin, XRP and Tron, the majority of the crypto tokens were trading lower. However, losses were not too steep during the hourly hours. Cardano shed 2 per cent, whereas Bitcoin and Ethereum retreated a per cent each.

"Our view is that from a 5–7-year perspective, many of these variables will play out and get reflected appropriately in stock prices. High-quality businesses with dominant competitive advantages have the appropriate levers to pull in difficult periods and we believe that they in fact will come through this period and go on to become larger and more dominant."

“The market has had a slightly knee-jerk reaction to the imposition of import duty on gold and export duty on fuel. I think it is a tough job to govern a country like ours, especially when there are so many uncertainties. We will have to give the government a little bit of a long rope and say perhaps it is the best they could do in these circumstances.”

"Although the Nifty has bounced from the 15200-15000 zone, it is not yet out of the woods. Structurally, the index can remain in a consolidation mode in July. 16000-16200 is a key resistance zone for the benchmark index, which is expected to keep pressure on the higher side. On the downside, the index may revisit the 15200-15000 zone where it can attract buying support again."

Gold is seen as an inflation hedge, higher short-term US interest rates and bond yields raise the opportunity cost of holding bullion, which yields no interest. A firm US dollar makes gold less attractive for buyers holding other currencies.

"It is better to be defensive in such a market scenario for quite some time, but we believe that the Indian market is at the cusp of revolution. These small corrections are part of the journey which gives investors a good opportunity to make fresh entries or accumulate quality stocks at every dip."

According to Damodaran, risk capital is the portion of capital that is invested in the riskiest segments of each market and safety capital is that portion that finds its way to the safest segments in each market.

Avenue Supermarts jumped 3.19 per cent to Rs 3,495 after June quarter updates. The owner and operator of retail chain D-Mart reported a nearly two-fold rise in its standalone revenue from operations to Rs 9,806.89 crore for the first quarter ended on June 30, 2022. The company had revenue from operations of Rs 5,031.75 crore in the April-June quarter a year ago.

A total of 6,804 shares changed hands on the counter till 10:35AM (IST).