These solid mid-cap stocks have higher ROCE and low PE; do you own them?

On the back of negative global trends, Nifty 50 started off lower. In this post, we have highlighted the best mid-cap companies with strong ROCE and low PE.

Nifty 50 started lower at 17,968.35, amid poor global trends, compared to its previous close of 18,082.85. Despite being off the day's low, the markets are still trading below their prior close. Leading Wall Street indices plummeted on Wednesday after the US Fed revealed its policy decision for the month of November 2022 and Jerome Powell's news conference.

Although the US Fed issued dovish pronouncements following the announcement of another 75 basis points rate hike, Jerome Powell made hawkish remarks at the press conference. He believes that slowing rate hikes is far too soon. As a result, despite a small bounce following the dovish announcement, the markets closed down following Powell's hawkish remark.

In overnight trade, Nasdaq composite plummeted 3.36 per cent, Dow Jones dropped 1.55 per cent, and S&P 500 tumbled 2.5 per cent. Major Asian indices dipped on Thursday as a result of Powell's aggressive statements, dashing investors’ expectations for a slower pace of interest rate hikes.

Nifty 50 was trading at 18,042.7 at 12:13 p.m., down 40.15 points or 0.22 per cent. Frontline indices underperformed broader market indices. Nifty Mid-Cap 100 index is up 0.3 per cent and the Nifty Small-Cap 100 index climbed 0.22 per cent.

FIIs were net buyers, and DIIs were net sellers, according to statistics as of November 2. Foreign Institutional Investors (FII) purchased shares worth Rs 1,436.3 crore. Domestic Institutional Investors (DII) sold Rs 1,378.12 crore in shares.