The Reserve Bank of India's commitment to bring down interest rates and make sure the rate transmission happens will impact the mid- and small-cap stocks, said Mihir Vora, director and chief investment officer, Max Life Insurance, in an interview to CNBCTV18.Vora said some sectors such as chemicals, capital goods, media and healthcare are growing irrespective of whether the broader economy is doing well or not. "These segments are reflected in the mid and smallcap indices and there is always ample scope for stock picking there,” he added.The upcoming earnings season is unlikely to bring any surprises as there has been a lot of negative news and earnings are factored in, said Vora."It will now boil down to what the budget is going to look; already a lot of speculations on the tax rates, GST rates etc., so events likely to more important than the earning season,” he added.Real estate companies, which are emerging stronger out of the stressed situation and are able to raise funding, will do much better than before, noted Vora.“Liquidity led rally will continue to prefer the so-called quality visible growth kind of a theme whether it’s in NBFC or FMCG space or even the banking space. As long as we are seeing the market rally on liquidity, it will be limited to these quality names and the large-cap names,” added Vora.“We increased our exposure in both cars and 2-wheelers after the Dhanteras, Diwali numbers and it looks like rate of negative growth in coming off, so that delta is positive though you may see flat to negative growth in some segments, but the rate of that negative is coming down and the way stocks corrected; they tend to be ahead of actual numbers,” Vora added.He further said that the house is neutral to slightly overweight on the insurance sector. However, it prefers AMC space but trimming exposure owing to valuations.