Whalesbook
The Indian stock market's recent rally, marked by the Sensex reaching a new 52-week high, masks a concerning reality of narrow participation. Analysis reveals that only about one-third of BSE-listed stocks have posted positive returns since the peak, indicating that the market's strength is concentrated in a few heavyweight performers. This narrow market breadth, coupled with high valuations in certain segments, suggests a late-cycle market phase and prompts investors to become more selective.