BNP Paribas sees more broad-based market gains ahead

Market gains could get more broad-based as the valuation of small- and mid-caps have declined to their long-term averages, says BNP Paribas.

Abhiram Eleswarapu, Head (India equity research), BNP Paribas says Nifty valuations are well above long-term averages, while that of mid- and small-caps are below the same, providing good buying opportunities.