(Bloomberg) -- The rally in Indian equities that has swelled the market’s total valuation by $775 billion in a little more than five months has been accompanied by a notable shift in investor preference to smaller stocks.Most Read from BloombergIndia’s Moment Has Arrived, and Modi Wants a New Global OrderFed Set to Double Its Economic Growth Forecast After Strong US DataSoaring US Dollar Raises Alarm as China, Japan Escalate FX PushbackStocks Retreat After Hot ISM Fuels Fed-Hike Wagers: Markets
That poses risks as gauges of small and mid-cap shares show signs of overheating, and as the domestic economic outlook becomes more clouded ahead of national elections next year.
The trend is the opposite to what has been seen in the US stock market, which has been driven by a handful of technology megacaps surging on the boom in artificial intelligence, leaving small caps in the dust. Investors are still looking to bet on one of the world’s fastest growing economies, driving the Southeast Asian nation’s equity benchmarks to a series of record highs over the past two decades. And the shift in leadership away from the biggest names has been fueled by a flood of funds from retail investors, indicating broader participation in the market.
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