New Delhi, Dec 29 : As 2023 draws to a close, the most significant feature of the year's rally is the sharp outperformance of the broader market, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The midcap index is up by almost 45 per cent and the small cap index is up by 55 per cent leaving the Nifty far behind with appreciation of around 20 per cent. This trend is likely to be reversed in 2024 since the mid and small caps are overvalued and large caps are relatively fairly valued, he said. Autos, construction and financials are set to do well in 2024. Autos are in a cyclical rebound, financials are fairly valued even after the recent run up and the prospects for construction related segments continue to look good. Capital goods will continue to do well in 2024 too. January is normally a poor month for the market. Q3 results and management commentary will be keenly watched by the market, he added. BSE Sensex is down 174 points at 72235 points. SBI, Infosys, Kotak Mahindra Bank, NTPC are down more than 1 per cent. PSU and oil and gas indices are trending lower. /IANS