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After hitting its all time highs in November, the markets have corrected by almost 8%. Apart from issues on the global front such as renewed concerns regarding sovereign risk in Europe and monetary tightening in China, domestic issues such as speculation of stock rigging activities in certain scrips and corruption charges on specific companies have also weighed heavily on the markets. Mid caps and Small caps have borne the brunt of this correction and are down by almost 20%-25% from their November highs.
We view this correction as an attractive entry point into a few mid-cap stocks and based on our in-depth research we have identified a few mid-cap names, within our coverage universe, which we believe offer a high sustainability of earnings and healthy return ratios. The selected stocks in our screener have fallen by more than 15% since the November peak prices and have a market cap of more than $100mn.
Apart from that we have selected a few stocks not under our coverage which have corrected by more than 20% and which offer an attractive entry point. We have used BSE 500 as a base for selection. The criteria used to shortlist the stocks is (1) market cap of at least $100mn (2) should have corrected by more than 20% since November peak prices.
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