Signs of strain: Markets short of breadth, yet benchmarks' pulse quickens

Market fatigue grips as indices forge ahead; declining stocks outpace advancing ones

Market breadth has weakened since the end of last week, even as benchmark indices reached new highs.

The S&P BSE Sensex and the National Stock Exchange Nifty have each rallied over 5 per cent from their lows on May 13, while the Nifty Smallcap 100 and Nifty Midcap 100 have surged close to 9 per cent from their respective lows this month.

However, lately, the market has shown signs of fatigue, with market breadth turning negative.

While the Nifty and the Nifty Midcap 100 have largely continued their upward momentum, the number of declining stocks has outnumbered advancing stocks.

Additionally,