“Value or growth at a reasonable price is probably what is most important today and it is not because we are not positioning ourselves for a significant jump in the markets. We are positioning ourselves to protect downside or to preserve capital. The Nifty is slightly north of 17 times PE. It is 10% odd more expensive than the usual averages. So that is the kind of theoretical downside that we could see for valuations. ”

Abhay Agarwal, smallcase manager, founder and MD, Piper Serica Advisors, said that the markets have struggled to form a bottom in the first half faced by multiple head winds."We believe that markets are trying to form a bottom now, but we will see big inflows only if at least a couple of these issues are resolved in a concrete manner," he added.

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The Swedish company reported a pretax profit of 4.78 billion crowns ($471 million) for its fiscal second quarter, up from 3.59 billion a year earlier. Analysts polled by Refinitiv had on average forecast a 3.87 billion crown profit."Sales in physical stores increased substantially while online continues to do well," Chief Executive Officer Helena Helmersson said in a statement.

"Spot gold prices for 24-carat gold in Delhi fell by Rs 176 in line with decline in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

The latest round of correction in equities has spooked the investors as markets have failed to show sustainable recovery. Despite some skepticism, market experts are advising investors to strategically buy the dips and allocate funds in select sectors.

Dragged by banking and IT stocks, the 30-share pack Sensex dropped 150 points to close at 53,026.97. Its broader peer, Nifty50, shed 51.10 points to end the session at 15,799.

“When the rupee reaches 79, the market will try and test out whether RBI intervention is there or not. If not, they will try to take it a little bit higher and this will be the case in both bond and rupee. The rupee particularly would be more dependent on what the RBI stance is going to be in terms of intervention. They are very clear that they are not targeting level but they will definitely make that volatility low.”

“When it comes specifically to Nazara, our exposure to the skill- based, real money gaming space where these taxes are really applicable is around 5%. So there is a very limited impact on us specifically of this change. But if the 28% tax comes as an entry fee for the skill-based real money gaming businesses, then it is far more than the commission made or the rate that they make on every transaction and therefore it may completely upset the economics of that business.”

In the event of non-payment, it will recover the amount by attaching and selling their moveable and immoveable properties. He will also face attachment of his bank accounts and arrest, Sebi said in an order passed on Tuesday.The regulator, through an order passed in November 2021, levied a fine of Rs 25 lakh on Uday Agarwal.