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ā¢ Banks are underperforming despite good results due to over-ownership and sustained FII selling, while midcaps and smallcaps are seeing retail exuberance.
ā¢ The Nifty Bank index has had a flat year with minimal growth, while the broader market has no valuation comfort.
ā¢ The dominant trend this year is the outperformance of mid- and small-caps, with the Nifty being dragged down by poor performance of banks.