Small-cap index, Dec. 1 -- The Indian stock market ended November on a mixed note, marked by a sharp divergence between large-cap strength and small-cap weakness. Even as the Nifty 50 scaled fresh all-time highs, small-cap stocks faced broad-based selling pressure, reflecting stretched valuations, fragile liquidity, and muted earnings momentum.

Through the month, the Nifty Midcap 100 gained 2%, and the Nifty 50 rose 1.8%, extending the ongoing large-cap driven rally. In stark contrast, the Nifty Smallcap 100 fell almost 3%, making it the clear underperformer among headline indices.

The institutional flow pattern reinforced this trend. FIIs sold Rs.17,500.31 crore worth of equities in November - marking their fifth consecutive month of s...