Midcap stocks drop 10% from highs, head for correction as growth outlook sours

Mid-cap stocks are approaching correction territory as concerns over slowing earnings growth and high valuations grow. The Nifty Midcap 100 dropped up to 2.9% on Friday, falling over 10% from recent highs, indicating a technical correction. This decline is driven by heavy selling from foreign portfolio managers this month, despite a 30% rally through September 23.