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Small and midcap shares on Indian stock markets are set to extend gains into a third month in November, outperforming the benchmark index BSE Sensex, which has fallen 3 percent this month as of Thursday's close.
BSE Mid-Cap Index has gained 2.7 percent, after gaining 15.2 percent through September and October.
The BSE Small-Cap Index has risen 2.6 percent in November after 13.6 percent gains through September and October.
But analysts warn this outperformance should not be taken as a sign of a broad-based rally given mid- and small-caps had tumbled for large parts of the year.
The midcap index is still down 11.8 percent for the year, while the Small-Cap index is down 18 percent. By contrast, the BSE benchmark is up 5.7 percent.
Earnings outlooks have also yet to improve. One-year forward mean earnings estimates for small and micro stocks have been revised down by 8.6 percent, while those of large to midcap stocks have been revised down by 0.7 percent, data shows.