Equity markets continue to scale new highs and trade at rich valuations. Small & Midcap stocks continue to trade at expensive valuations, which is a sign of caution.The Nifty 100 Index is trading at 22x 12-month forward earnings, Nifty Midcap 150 is at 32x, Nifty Smallcap 250 Index is at 24x 12-month forward earnings.
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