There was cheer all around as the main indices—Nifty, Sensex, Bank Nifty—hit all-time new highs. Did we hear people rejoice? No. Surprising, right? Such an event should ideally have investors popping the cork on the bubbly but there certainly was no celebration in the market. The main reason for this is the state of portfolios of individuals. Most common folk hold small-cap stocks in their portfolios and the one-year return there has...