Sensex falls over 150, Nifty opens below 8650; Axis tanks 7%

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Indian market rose 25 percent from February lows as strong domestic macros and global liquidity have converged to create a sweet spot for India. However, the run up has also raised many questions on whether global liquidity is sustainable, he says. He sees earnings are on a cyclical upswing, cost of capital is heading down, supply-side reforms are gaining pace. 

 

This combination is occurring for the first time in past decade. Hence, even high valuations are sustainable, he believes. Gupta's top midcap picks include Dewan Housing, Dr Lal Pathlabs, JK Cement, CARE, Max India, PNC Infra, Apar Industries and Prabhat Dairy.