It’s all about price hikes, not volume. And with crude oil costs still biting, margins are getting squeezed. Sandeep Bagla from TRUST MF says this pain will last until people actually start buying more again. What’s wild? The market has stopped rewarding price-led growth. So even if a company raises prices and shows higher sales, investors aren’t cheering. Add in inflation risks and RBI’s possible upward revision; and you’ve got a sector under quiet pressure. Meanwhile, midcaps and smallcaps are stealing the show. Fund managers who pick the right stocks are winning, while index investors are stuck. Maybe it’s time to look beyond Nifty 50? Because the real action? It’s happening in the smaller, faster-growing corners of the market.