51.2% of the 1,479 liquid stocks on NSE closed above their 200-day average on 6 Oct 2026. Since 2003 the reading has been at or below this level on 37% of days. An index can rise on a handful of large stocks; breadth counts how many are taking part.
Written for traders and position traders reading the market's internal health, not just the index. Data to 6 Oct 2026.
Inside its usual range of 41% to 79%. The low is 1%, in October 2008. Down from 54% a year ago.
What it is. The share of liquid NSE stocks trading above their average price of the last 200 sessions.
How to read it. A rough count of how many stocks are in long-term uptrends. When the index rises but this share falls, a few large stocks are carrying the market.
Twelve measures of how many stocks are taking part, each against its own history. The band is the usual range (the middle half of all readings since the series began); the coloured stretch is the last twelve months. Over the past year the equal-weighted Nifty 500 beat the index by 3.9 points, so the average stock did better than the big ones.
inside its usual range; higher than 37% of readings since 2003.
2016–2026 · usual 41% to 79%
inside its usual range; higher than 26% of readings since 2003.
2021–2026 · usual 34% to 74%
inside its usual range; higher than 27% of readings since 2003.
2024–2026 · usual 32% to 70%
inside its usual range; higher than 65% of readings since 2006.
2016–2026 · usual −6.2 pts to +8.4 pts. Percentage points
inside its usual range; higher than 50% of readings since 2003.
2016–2026 · usual −1 to 34
inside its usual range; higher than 52% of readings since 2003.
2016–2026 · usual 27% to 62%
inside its usual range; higher than 47% of readings since 2003.
2016–2026 · usual −25.4% to −11.3%
inside its usual range; higher than 50% of readings since 2003.
2016–2026 · usual 10.7% to 13.5%. Spread between stocks
inside its usual range; higher than 53% of readings since 2024.
2024–2026 · usual −31 to 25. Daily, last two years
6 Oct 2026. A running total, so no usual range.
2024–2026. Daily, cumulative advances minus declines
below its usual range; higher than 18% of readings since 2005.
2016–2026 · usual 49% to 98%
inside its usual range; higher than 48% of readings since 2003.
2016–2026 · usual 39% to 80%
Majority above, flat or falling participation on 6 Oct 2026. The level says how many stocks participate today; the change says whether participation has widened over the last 21 or 63 market sessions.
| Measure | Current participation | 21-session change | 63-session change | More |
|---|---|---|---|---|
| Above 20-session average | 34.1% | −7.5 pts | −25.0 pts | |
| Above 200-session average | 51.2% | −8.5 pts | −7.5 pts |
How to read it. Positive means more stocks participate than 21 sessions earlier. Strong participation can be narrowing, while weak participation can be improving. These descriptions do not predict future returns.
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Over the same endpoints, the Nifty 500 total-return index returned −4.5 over 21 sessions and −4.7 over 63 sessions. Compare its direction with the participation changes above: an index gain alongside narrowing breadth means fewer stocks are sharing that gain.
Net new 52-week highs were 12, a change of −33 over 21 sessions and −33 over 63 sessions. These are stock counts, rather than percentage-point changes.
Today's breadth split by company size, grouped by market value rank: largest 100 39%, next 150 37%, next 250 56%, the rest 44% above their 200-day averages. Long-run returns are not split by today's size, because that would favour the companies that grew into it.
| Companies by size | Stocks | Above 200-day average | Rose today | Median stock today | Median stock, 1 month | More |
|---|---|---|---|---|---|---|
| Largest 100 | 98 | 39% | 66% | +0.4% | −4.3% | |
| Next 150 | 147 | 37% | 75% | +0.8% | −6.0% | |
| Next 250 | 237 | 56% | 76% | +0.9% | −3.8% | |
| The rest | 1,725 | 44% | 69% | +1.0% | −4.3% |
Listed Indian companies were worth 135% of a year's GDP at the end of Sept 2026, higher than 91% of months since 1999; the peak was 162% in Sept 2024. The ten largest companies hold 18.6% of main-board market value, against 23.6% in Feb 2024; the largest 100 hold 57.8%.
Month-end, from 1999. GDP is the last complete financial year's, so it steps once a year; base changes are noted in the method.
How to read it. Above 100% the market is worth more than a year's output. The ratio rises with listings as well as with prices, so compare it with its own recent past more than with the 1990s.
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Month-end, from February 2024, when NSE added the file to its archive; there is no data for January to July 2026.
How to read it. A falling line means the rest of the market is growing faster than its giants.
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| Rank | Company | Market value | Share of the market | Rank a year ago | Change in value, 1 year | More |
|---|---|---|---|---|---|---|
| 1 | RELIANCE | ₹16.5 lakh cr | 3.58% | 1 | −11.4% | |
| 2 | BHARTIARTL | ₹11.3 lakh cr | 2.46% | 3 | +4.1% | |
| 3 | HDFCBANK | ₹11.0 lakh cr | 2.38% | 2 | −26.6% | |
| 4 | ICICIBANK | ₹9.6 lakh cr | 2.09% | 5 | −1.0% | |
| 5 | SBIN | ₹8.8 lakh cr | 1.92% | 6 | +9.7% | |
| 6 | TCS | ₹7.6 lakh cr | 1.65% | 4 | −29.7% | |
| 7 | BAJFINANCE | ₹6.0 lakh cr | 1.30% | 7 | −4.5% | |
| 8 | LT | ₹5.2 lakh cr | 1.13% | 11 | +0.9% | |
| 9 | LICI | ₹4.9 lakh cr | 1.07% | 10 | −14.0% | |
| 10 | HINDUNILVR | ₹4.5 lakh cr | 0.97% | 9 | −25.4% | |
| 11 | SUNPHARMA | ₹4.3 lakh cr | 0.94% | 16 | +9.0% | |
| 12 | KOTAKBANK | ₹4.3 lakh cr | 0.93% | 15 | +0.7% | |
| 13 | INFY | ₹4.1 lakh cr | 0.89% | 8 | −32.9% | |
| 14 | ADANIPORTS | ₹4.1 lakh cr | 0.89% | 26 | +35.8% | |
| 15 | TITAN | ₹4.0 lakh cr | 0.88% | 25 | +32.8% | |
| 16 | ADANIPOWER | ₹3.9 lakh cr | 0.85% | 29 | +33.2% | |
| 17 | AXISBANK | ₹3.9 lakh cr | 0.84% | 18 | +3.3% | |
| 18 | ADANIENT | ₹3.9 lakh cr | 0.84% | 28 | +29.9% | |
| 19 | MARUTI | ₹3.7 lakh cr | 0.79% | 12 | −27.3% | |
| 20 | M&M | ₹3.6 lakh cr | 0.77% | 14 | −17.8% | |
| 21 | ITC | ₹3.3 lakh cr | 0.73% | 13 | −33.4% | |
| 22 | HCLTECH | ₹3.3 lakh cr | 0.71% | 17 | −15.0% | |
| 23 | HAL | ₹3.2 lakh cr | 0.70% | 22 | −0.6% | |
| 24 | ETERNAL | ₹3.2 lakh cr | 0.69% | 23 | −1.8% | |
| 25 | ULTRACEMCO | ₹3.2 lakh cr | 0.69% | 19 | −10.8% |
Which sectors are in their own uptrends. 9 of 23 sector indices are above their 200-day average and 1 of 23 above their 50-day; sorted by distance from the 200-day average.
| Index | 52 weeks | vs 200-day | 50-day | Off high | 1M | 3M | 1Y | Trend |
|---|---|---|---|---|---|---|---|---|
| Nifty Pharma | +10.1% | Below | −2.3% | +0.3% | +2.9% | +22.6% | Upsince Apr ’26 | |
| Nifty MidSmall Healthcare | +8.9% | Below | −3.9% | −1.6% | +0.4% | +16.4% | Upsince Apr ’26 | |
| Nifty Media | +7.6% | Above | −3.3% | +0.1% | +4.8% | −0.9% | Upsince Jun ’26 | |
| Nifty500 Healthcare | +6.7% | Below | −4.6% | −2.0% | −1.0% | +12.5% | Upsince May ’26 | |
| Nifty Healthcare | +4.9% | Below | −5.0% | −1.9% | −2.1% | +11.8% | Upsince Apr ’26 | |
| Nifty MidSmall IT & Telecom | +4.3% | Below | −7.2% | −4.4% | +5.1% | +3.1% | Upsince Jul ’26 | |
| Nifty REITs & Realty | +2.2% | Below | −5.0% | −4.2% | −3.2% | +2.6% | Upsince Jul ’26 | |
| Nifty Metal | +2.1% | Below | −7.5% | −5.3% | −0.7% | +25.0% | Upsince Sep ’25 | |
| Nifty Realty | +1.8% | Below | −13.1% | −7.7% | −7.3% | −4.6% | Downsince Oct ’26 | |
| Nifty Chemicals | −0.5% | Below | −7.5% | −5.2% | −5.2% | −2.1% | Downsince Sep ’26 | |
| Nifty MidSmall Financial Services | −0.8% | Below | −8.3% | −7.4% | −5.5% | +14.4% | Downsince Oct ’26 | |
| Nifty Private Bank | −0.9% | Below | −6.6% | −2.6% | −4.2% | −0.9% | Downsince Aug ’26 | |
| Nifty Consumer Durables | −0.9% | Below | −9.9% | −6.9% | −1.4% | −2.4% | Downsince Oct ’26 | |
| Nifty Bank | −3.0% | Below | −9.8% | −3.9% | −5.2% | −1.1% | Downsince Jul ’26 | |
| Nifty Financial Services Ex-Bank | −4.6% | Below | −10.5% | −7.7% | −7.5% | −0.9% | Downsince Sep ’26 | |
| Nifty Financial Services | −4.9% | Below | −11.6% | −4.2% | −7.4% | −5.8% | Downsince Mar ’26 | |
| Nifty Auto | −5.0% | Below | −13.8% | −7.8% | −6.3% | −3.9% | Downsince Sep ’26 | |
| Nifty Oil & Gas | −5.9% | Below | −13.0% | −4.5% | −5.0% | −6.1% | Downsince Mar ’26 | |
| Nifty Financial Services 25/50 | −6.0% | Below | −12.5% | −4.9% | −8.5% | −6.0% | Downsince Mar ’26 | |
| Nifty PSU Bank | −6.4% | Below | −18.4% | −5.9% | −3.9% | +5.9% | Downsince Sep ’26 | |
| Nifty FMCG | −8.4% | Below | −19.6% | −1.5% | −9.7% | −17.1% | Downsince Sep ’25 | |
| Nifty IT | −9.6% | Below | −27.8% | −8.3% | +3.5% | −17.2% | Downsince Feb ’26 | |
| Nifty Cement | −10.3% | Below | −21.1% | −7.1% | −11.1% | −20.0% | Downsince Nov ’25 |
A stock above its 200-day average is, roughly, in a long-term uptrend. The universe is every NSE stock liquid enough to trade, with ETFs and SME stocks left out and delisted stocks counted while they traded, so the history is free of survivorship bias.
Weekly since 11 Sept 2003. Low 0.8% on 24 Oct 2008; high 99.6% on 7 Sept 2009.
How to read it. Compare the line with the dashed median. Readings far below it come in broad sell-offs; readings far above it come when nearly everything is rising at once.
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Share of stocks above each moving average, daily.
How to read it. The 20-day line reacts within days and swings widely; the 200-day line moves slowly. When the fast lines fall well below the slow one, a decline is spreading.
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Three ways to see how far the typical stock has travelled. Are more stocks breaking out than breaking down? How far below its own peak is the median stock? Are advancing stocks gaining on declining ones?
Three years.
How to read it. Bars above zero are weeks with more stocks at new highs than at new lows. Runs of deep bars below zero mark broad sell-offs.
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Median fall from the 52-week high across the liquid universe, weekly.
How to read it. The further below zero, the deeper the median stock's own fall, whatever the index is doing.
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19- minus 39-day exponential averages of daily advances minus declines.
How to read it. Above zero, advancing stocks are gaining on declining ones; below zero, declines are gaining. It is fast and noisy, so read its direction more than its level.
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The Nifty 500 Equal Weight index gives every stock the same weight; the Nifty 500 weights by size. Over the past year the equal-weight version returned 3.9 percentage points more than the size-weighted one.
Weekly.
How to read it. Above zero, the typical stock beat the big ones over the year. When the gap stays below zero, a few large stocks are carrying the index.
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The same count, made across about 120 NSE sector, theme, size and strategy indices instead of single stocks. It shows whether a rally reaches across the market's segments.
Weekly from 2005.
How to read it. Near 100, almost every segment is in an uptrend; near zero, almost none is. Because many indices share stocks, it swings further than the stock count.
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A breadth thrust, as Martin Zweig defined it in 1986, is a market going from mostly falling to broadly rising within two weeks. In his terms, the 10-day average share of advancing stocks climbs from below 40% to above 61.5%. Since 11 Sept 2003 there have been 12 on NSE. Over the six months after them the Nifty 500 returned 14.9% on average, against 8.8% for any six months in the sample. The test below finds that a gap that size could be chance.
| Signal | 1 month | 3 months | 6 months | 12 months | More |
|---|---|---|---|---|---|
| 8 Apr 2026 | 1.2% | 6.3% | – | – | |
| 16 Apr 2025 | 4.2% | 8.4% | 9.6% | 5.1% | |
| 3 Apr 2024 | 0.2% | 11.6% | 14.5% | −0.5% | |
| 9 Apr 2020 | 2.1% | 18.4% | 33.0% | 67.8% | |
| 3 Jan 2017 | 7.7% | 14.8% | 22.7% | 38.9% | |
| 20 Jul 2009 | 0.2% | 14.0% | 19.3% | 26.5% | |
| 15 Dec 2008 | −6.2% | −4.1% | 51.8% | 86.9% | |
| 23 Jul 2008 | −1.5% | −43.8% | −38.8% | 4.4% | |
| 3 Sept 2007 | 15.6% | 32.6% | 10.7% | −3.5% | |
| 22 Jun 2006 | −5.2% | 15.9% | 26.2% | 43.7% | |
| 3 Feb 2005 | 4.8% | −2.6% | 16.3% | 46.6% | |
| 1 Apr 2004 | 0.6% | −15.4% | −1.3% | 22.3% |
| Horizon | Signals | Mean after signal | Median after | Mean, any day | Positive after signal | Positive, any day | p | More |
|---|---|---|---|---|---|---|---|---|
| 1 month | 12 | 2.0% | 0.9% | 1.4% | 75% | 64% | 0.38 | |
| 3 months | 12 | 4.7% | 10.0% | 4.4% | 67% | 65% | 0.43 | |
| 6 months | 11 | 14.9% | 16.3% | 8.8% | 82% | 69% | 0.11 | |
| 12 months | 11 | 30.7% | 26.5% | 18.3% | 82% | 78% | 0.02 |
How to read it. At every horizon the average return after a thrust has been higher than usual, but with 12 signals the averages swing on one or two of them. Only the 12-month gap clears the 0.05 bar (p = 0.02), and with 4 horizons tested on so few signals, that is a lead to keep watching, not a finding. Not every thrust was followed by gains: after the 23 Jul 2008 signal the index fell 44% in three months. In 5 cases a signal came less than a year after the one before, so their 12-month windows overlap and count for less than separate observations.
The sample starts on 11 Sept 2003, the first day NSE's traded universe held 200 stocks; before that an advance–decline count says little about the market. A new signal needs 60 sessions since the last. Source: NSE bhavcopy (advances and declines), NSE (Nifty 500 total return index). Pre-registered before it was computed: specification and results log (C2). JSON. How the breadth universe is built: method.
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.