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​​The mid-cap and small-cap indices, which is proxy for the India growth story - probably a more accurate one than the large caps - have given returns of over 20% in the last six months against a mere 6% return in large caps, on the back of an impressive rally in capital goods, realty, PSUs and healthcare stocks. Further, a reasonably steep yield curve, even after interest-rate hikes of 250 basis points, is reflecting elevated inflation expectations, which is also backed by growth.

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