Small-caps surge as FII positioning signals caution amid technical reversals

On a Monday when markets rarely speak with one voice, India's equity landscape is offering competing narratives — small-cap stocks quietly reasserting themselves while institutional giants hold record short positions that could either ignite a rally or confirm a deeper reckoning. The pharmaceutical sector stands at a technical crossroads where exhausted selling meets cautious hope, and metals pause within a trend that has not yet broken. What the market is truly weighing, beneath the indicators and ratios, is the oldest question in finance: whether present uncertainty is the prelude to recover