Most sectoral indices fall back despite broader market rally in past 2 yrs

Large part of gains in two years accrued to top companies in metals, IT, pharma and realty

The Indian equity market has witnessed one of the strongest rallies in the past two years. The benchmark index NSE Nifty50 is up 46.2 per cent since October 2019 which translates into annualised returns of 21 per cent for equity investors during the period. The broader market appears to have done even better: The combined market capitalisation of nearly 4,000 BSE-listed companies is up 66 per cent, from Rs 1.54 trillion at the end of October 2019 to around Rs 2.56 trillion as of last Thursday.
 
A break-up of the sectoral performance, however, suggests that the rally has not