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The recent rally in small and midcap (SMID) stocks is not backed by fundamentals and is a case of irrational exuberance, analysts at Kotak Institutional Equities said in a recent report.

The fundamentals of most of these companies have, in fact, worsened over the last few months, they noted.

Yet, some analysts expect the bull run in these stocks to continue amid intermittent corrections.

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