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An extraordinary bullishness has gripped a segment of the Indian market. While the larger companies are merely chugging along, the stock prices of smaller companies are shooting up like wild weeds for the sixth month running. From early April, when the current rally started, the Nifty50 is up only 14.1 per cent while the Nifty500 has gone up 19.7 per cent. Meanwhile, the Nifty Microcap 250 has zoomed 60.3 per cent! More importantly, there is a pattern among the biggest gainers. These are all directly or indirectly linked to massive government spending that started a few year or two ago.
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