Mid, SmallCap indices dip 4% each; LIC Housing, IRFC, CG Power tank over 5%

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Mid, SmallCap indices dip 4% each; LIC Housing, IRFC, CG Power tank over 5% - Business Standard

Quick Summary:

The Nifty is trading at a 12-month forward P/E of 21x, at a 3 per cent premium to its own long-period average (LPA).

China and Europe are already grappling with slowdowns, and escalating geopolitical tensions are adding further pressure on the markets," said Santosh Meena, Head of Research, Swastika Investmart.

Meanwhile, the corporate earnings scorecard for June 2024 quarter (Q1FY25) has been in-line so far, with heavyweights such as HDFC Bank, Tata Motors, ICICI Bank, Maruti, and TCS driving the aggregate.