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Valuation excesses more prevalent in micro caps and small caps: Krishna Sanghavi
But as you move down the curve from Nifty to midcap, midcap to small, small to micro, that worry increases, where the bulk of the gains are valuation-led and not so much supported by earnings in the near term. Clearly, that is a zone where valuation excesses are more prevalent in micro caps and small caps. But large caps do offer quite a bit of valu