November sees second-best ADR performance in 2023 after April, shows data

Analysts credit outsized gains in key index components for turning the tide

In November, the advance/decline ratio (ADR) recorded the second-best performance for the calendar year 2023, following April.

Last month, 2,243 stocks advanced, while 1,931 declined on the BSE — resulting in an ADR of 1.2.

In April, during the market rebound from this year’s lows, the ADR reached 1.4, with 2,300 stocks advancing and 1,638 declining.

Despite the significant upswing in the market last month, the ADR remained relatively subdued. Notably, the National Stock Exchange (NSE) Nifty Smallcap 100 surged by 12 per cent, marking its highest increase since February 2021.

Concurrently, the NSE Nifty Midcap 100 and the NSE