New Delhi, March 24 -- Large caps might deliver historical returns of around 11%, but the real alpha will still come from mid-caps and small-caps, believes Mihir Vora, chief investment officer, TRUST Mutual Fund. 

"I would lean more toward small-caps than mid-caps," he said.

Nifty 50 earnings are expected to grow around 10% over the next couple of years, and small-caps could still see growth of 16-17%, Vora explained.  He expects the broader market to continue to outperform the large-caps.

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In the stock market, we are seeing a clear move towards the financial sector, especially the larger banks and NBFCs (non-banking financial companies), after a long period of underperformance. IT (information technology) ...