It has mostly been a one-way street for markets that have moved up sharply since July. The front-line indices – the S and P BSE Sensex and the Nifty50 – have gained 6.7 per cent and 7.3 per cent, respectively, in the past three months. The rally in mid- and small-caps has been sharper, with both indices surging 14 per cent and 9 per cent, respectively, during this period. This sharp run has made analysts at Jefferies cautious.
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