ETMarkets Smart Talk | Defence, power, EMS, AI proxies: Why FOMO is driving parts of the mid- and smallcap rally, says V Srivatsa

The valuation gap is becoming difficult to ignore. While the Nifty 50 is trading at around 21 times earnings, the Nifty Midcap and Smallcap indices are valued at roughly 33x and 32x earnings respectively—a premium of nearly 50-57% over large caps.

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