Okay, I was just checking the valuation of our Indian stock market and I noticed something interesting. Despite the heavy sell-off in October, FMCG, IT, and small-cap stocks are still overvalued. I understand why IT stocks are overvalued because the US stock market is overvalued. At one point, it made sense for FMCG stocks to be overvalued due to the festival season. But why are small-cap stocks so highly valued, and why are investors, especially retail investors, still putting money into them?
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