As markets touched all-time highs amid high liquidity and positive flows from retail investors for the third consecutive month, fund managers adopted a stock- specific approach. In May, the broader market fared better than the Sensex. While the Sensex rose 6.7%, the S&P BSE Midcap Index appreciated by 7.16% and the S&P BSE Small-cap Index was up 8.93%. With the economy reopening after the second wave of Covid-19, fund managers turned to