After a long hiatus, a recovery in the Nifty Midcap-100 has come as a welcome relief. The index rose about 6% in the last two days, mirroring similar gains in the bellwether Nifty 50.
Tax cuts will shore up earnings, and this has raised expectations for mid-caps as well. However, demand revival has been elusive, and that will delay earnings recovery for mid-cap firms. “Earnings growth will be better than what the Street expected because of the tax cut. But demand uptick could take time, which will happen in the fourth quarter. But we should get disappointed if this quarter’s earnings are not going to be good," said Rusmik Oza, head of research, retail clients, Kotak Securities.
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