New Delhi, Aug. 27 -- The rally that followed Jerome Powell's Jackson Hole address last week did not land evenly across India's equity market. The Nifty Midcap 150 gained 2.1% in the three trading sessions through August 27, nearly three and a half times the Nifty 50's 0.6% advance over the same window. The gap matters less as a performance headline and more as a structural signal: midcaps have been outperforming for six consecutive months, the premium has widened to historically uncomfortable levels, and the post-Jackson Hole global repricing of rate expectations has given large-cap flows a reason to come back.

Reliance Industries and HDFC Bank - both of which have lagged the index's recovery as sector-specific headwinds (telecom pricin...