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On Friday, the BSE Sensex closed above 38,000 for the first time since September 14, 2018. Since the beginning of this year, the Sensex has rallied 4.8 per cent, as shown in Chart 1.
The recent rally has not been limited to just the large caps. In fact, as seen in Chart 2, even the beaten-down small and midcap indices have recovered of late.
The Nifty Banking Index continues to outperform the broader market. But it is largely driven by private banks. As shown in Chart 3, the Nifty Private Bank Index has surged over the past year, even as
