The yen held most of its overnight gains on Friday, after falling U.S. yields and market jitters propped up the Japanese currency while another Wall Street selloff drove flight-so-safety bid to dollar, which remains near 20-year high peaks.

GameStop is down about 40% so far in 2022 compared with a 687% gain for 2021, with the stock rising more than 2,463% at its peak last year. AMC shares are down 60.6% year-to-date compared with a 1,183% gain in 2021 and a 3,624% jump at their highest point last year.

SBI, Tech Mahindra, Eicher Motors, HAL, Bank of Baroda, Bandhan Bank, Balkrishna Industries, Alkem Laboratories, Linde India, REC, APL Apollo Tubes, CESC, Nazara Technologies and Emami are among the companies which will announce their earnings today.

Stocks that were in focus include names like KRBL which bucked the trend to close with gains of over 15 per cent, Punjab National Bank hit a 52-week low and closed with losses of over 13 per cent, and IDFC First Bank fell more than 5 per cent.

GM Breweries, which had announced a final dividend of Rs 5 per share, will also go, ex-dividend today.

The near-term target for the stock is placed at Rs 141-144 for May series. The stock touched an intraday low of Rs 148 on 12 May.

The first and most important rule is - avoiding high PE stocks. In the recent fall in US and Indian markets, in an environment of rising rates, the highest falls have been witnessed by the high PE stocks. In the ongoing market fall, valuation correction is likely to be the main theme and will be concentrated in some of the expensive names.

“If you look at groups that did not fall or stocks that did not fall much, stocks that actually went up in this period, you have a good selective action and then go down through the screeners, look at the fundamentals to see whether they exhibited any sales growth, margin growth, margins stability, margin increase etc.”

“Every market correction is an opportunity in hindsight. What we are trying to do is be a little bit more counter cyclical over here and try and take advantage of the fluctuations rather than succumb to it. So nobody can time it precisely but I would rather be on the side of taking advantage of this downturn rather than getting panicky about seeing prices falling every day. ”

“For investors who are going to have a medium term perspective, it is time to nibble in and start buying into it and not be bothered too much about what will happen to the listed equities over the next week or 10 days. I think that markets will settle down somewhere over the next few weeks.”