The round of Bull market in midcaps started post 2014 (Modi euphoria). Since then, we saw massive inflows into local mutual fund portfolios. Most mutual funds were diverted into midcaps and smallcaps based on lack of largecap options.
Mutual funds built a big tail in side markets in the past few years, which accelerated after the note ban. We have seen evidence to suggest that the big crowd got sucked into the markets post demonetization.
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