The Nifty 50 trades at about 19 times earnings, its lowest in four years and below its five-year median of 21.9 times, according to Upstox’s analysis.

Smaller companies are a different story. The Nifty Smallcap 100 trades at 34.5 times against a median of 29.1, and the Nifty Midcap 100 at 27.3 times against 26.

That gap helps explain where foreign money went this week. Overseas funds bought mainly large caps, and Friday’s rally left midcaps flat and smallcaps lower.