The key Indian equity market indices on Thursday opened higher despite a muted trend in global markets. Abhimanyu Sofat, head of research, IIFL, talks about the key stocks and today's market trade:

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Bull market or bear market?
Nifty may see some correction due to overvaluation of certain major constituents and fear of rising cost of capital due to higher interest rates.

Stocks likely to be in limelight today?
HCL Technology, Torrent, Alkem may remain bullish.

Sectors likely to impact market today?
On the positive side, IT and Pharma should act as relatively safe heaven considering currency deprecation along with select debt-free mid-cap companies.

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Your mid-term view?
Midcaps should clearly outperform on the back of revival of earnings and pick up in capex cycle.

What drove markets on Wednesday?
A significant amount of profit-booking was witnessed in large-cap stocks, which had rallied a lot in last one quarter and relative negative bias towards equity due to higher bond yield and currency depreciation.