Historically, stock market recoveries have been led by large-caps. Maybe the recent rally in stocks like HDFC Bank and ICICI Bank is suggestive of just such a recovery. However, in the last six years, there have been phases of recovery which have been led by mid-caps; or, at times, by both segments in sync. This is because, in recent times, much institutional and retail money (through mutual funds) have moved into mid-caps. So, as institutional
