The Indian stock market is heating up again, taking benchmark indices close to their all-time highs. However, the real action is happening in the mid- and small-cap space. For instance, the BSE mid-cap and small-cap indices have gained by 34% and 61% respectively over the past year, compared to the Sensex’s modest 23% gain. The two-year returns also tell a similar story. Absolute gains of 68% and 113% respectively for BSE Midcap Index and BSE

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