As indicated in our earlier note, bulk of the equity market performance since FY17 has been driven by a handful of stocks while the broader indices have underperformed significantly.

However, the tide is turning in terms of the number of stocks contributing to majority of the Index performance (more than 75% of BSE 100 index movement) at 24 stocks, which is the highest over the past four years.

Small-cap and midcap indices have also outperformed large-caps for the first time since FY17.

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