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Nowhere was the knee-jerk reaction felt more acutely today than in the metals space. The Nifty Metal index plummeted nearly 7 per cent in one of the biggest sell-offs the sector has seen since the dark days of March 2020. Much of that selling was in steel stocks, which reflected in Tata Steel’s 10 per cent fall.

Nifty formed an Inverted Bearish Hammer kind of candle on the daily scale and negated the formation of higher highs and lows of the last four sessions.

Among the new generation franchises, some are already generating free cash flow, some are not. And Mukherjea says he does not believe in franchises that do not generate free cash flow.

“Clearly the markets are running ahead of the fundamentals and trading at valuations which are higher than fair value. We have borrowed some of the returns from the future which means that the future returns from equities at least in the medium term are bound to be a little lower than what we have experienced.”

Equity investors were left poorer by Rs 3.78 lakh crore, as their total wealth represented by BSE market capitalisation declined to Rs 255.18 lakh crore. This means they lost over Rs 1,000 crore per minute!

"We are seeing home loan demand at the Rs 40-50 lakh level, we are seeing demand at the Rs 75 lakh level, we are also seeing demand at the Rs 5 crore and Rs 10 crore."

Commodity prices were weighed down by a stronger U.S. dollar, which rallied to a month high as looming catastrophe at indebted property giant China Evergrande added extra nerves to a cautious mood.

The pan-European STOXX 600 index was down 1.5% by 0745 GMT, with mining stocks plunging 3.2% on a slide in commodities prices.

The stock quoted a 52-week high price of Rs 295.15 and a 52-week low of Rs 166.8.