Nifty Soars, But Most Stocks Down! What’s Next For Investors?

Despite the Nifty hitting all-time highs, many investors aren’t celebrating, says Ikigai Asset Management’s Pankaj Tibrewal, because portfolios aren’t reflecting index strength. Market breadth is at one of its weakest points in years—while the Nifty is at a record, the median Nifty stock is still 8–9% lower. In the mid and small-cap segment, the median stock is 20% below its 52-week high, even though the index is only 7–8% away from its peak. The BSE 500 tells the same story: the index is down just 4%, but its median return is 18% lower. With Q2 earnings improving and GDP growth strong, Tibrewal expects market breadth to recover, and believes that growth-delivering companies will lead the next leg of the rally.