{
  "id": 8389324,
  "title": "ETMarkets Smart Talk | Don’t chase growth at any valuation; rising US yields can pressure P/E multiples: Manish Kumar",
  "url": "https://urgent.news/2026/09/19/etmarkets-smart-talk-dont-chase-growth-at-any-valuation-rising-us",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-19T05:18:45.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-dont-chase-growth-at-any-valuation-rising-us-yields-can-pressure-p/e-multiples-manish-kumar/articleshow/134348298.cms"
  },
  "original_language": "en",
  "account": "Indian equities have been displaying a notable disparity - midcap and smallcap indices are reaching new all-time highs, despite the broader market remaining in a stagnant phase. Robust earnings momentum and steady domestic investments have bolstered small and medium-sized companies, but increasing stock valuations are making stock picking and valuation discipline more crucial than ever.Manish Kumar, Chief Investment Officer at ICICI Prudential Life Insurance, cautions investors against chasing growth at any cost, as rising US Treasury yields are elevating the global cost of capital. This can exert downward pressure on price-to-earnings (P/E) multiples, particularly for pricey growth stocks.Aside from this, Kumar notes that the Indian market has become structurally less reliant on foreign capital, thanks to consistent investments from domestic institutional investors (DII) and small retail investors (SIP). Nevertheless, a persistent outflow from FII-heavy stocks could still impact their valuations, while a surge in equity supply from initial public offerings (IPOs) and block deals introduces another layer to the market dynamics. Thus, amidst record highs in mid- and smallcaps, along with an expanding IPO pipeline and an unpredictable global interest rate scenario, the central question is: to what extent has growth already been factored into stock prices? In this installment of ETMarkets Smart Talk, Manish Kumar elucidates why earnings visibility, business quality, and reasonable valuations might prove more significant than simply riding the next hot trend.",
  "summary": "Midcap and smallcap stocks are hitting record highs, but rising valuations and higher US Treasury yields could challenge the rally. ICICI Prudential Life Insurance CIO Manish Kumar discusses earnings visibility, domestic liquidity, FII selling, IPO supply and valuation discipline, while explaining why investors should avoid chasing growth at any price.",
  "key_points": [
    "Midcap and smallcap indices reach new all-time highs.",
    "Rising US yields elevate global cost of capital, pressure P/E multiples.",
    "Indian market less reliant on foreign capital, but II and IPOs impact valuations."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}