New Delhi, Nov. 18 -- When the Sensex closed at a new 52-week high on 29 October, it painted a picture of a market in full bloom. But beneath the surface of this headline-grabbing milestone lies a fractured and far more sobering reality, a Mint analysis reveals. The bull run, it turns out, is standing on surprisingly narrow shoulders.

Barely one-third of BSE-listed stocks have delivered positive returns in the 12 trading sessions since the peak. Compare that with the highest closing of 2024, which was achieved on 26 September that year. In a comparable period following that day, 42% of stocks stayed in the green. The erosion of market breadth this time could signal a market that has turned far more selective. The numbers suggest India's ...