Even though the Sensex is close to a new all time peak again, the stocks of brokerages have not yet revived due to two factors. First, since the current rally is based on thin volumes, it is not augmenting brokers’ revenues says Sachin Karpe. The fact that the major indices are at the same level after six years has not enthused investors. Volumes have fallen due to lack of interest among both institutional and retail investors. Owing to the skewed nature of the rally, most sectors are still way below their peaks say Mr. Karpe. Mid- and small-cap stocks, where retail investors tend to have the maximum interest, have not gained from the rally.