Indian Equity Market Breadth Report Methodology

What this resource does

Market breadth describes how widely a move is distributed across an eligible security universe. It should never be inferred from a few index constituents or an unexplained stock list.

A ShareKeyX breadth report records universe size, exchange coverage, observation timestamp, eligible and unavailable counts, unchanged rules, and the treatment of stale or suspended securities.

Methodology

1. Freeze a reviewed universe and preserve symbol, exchange, series, and eligibility state.
2. Select one comparable price observation per security and reject stale or malformed records.
3. Classify advance, decline, unchanged, or unavailable using an explicit comparison price.
4. Publish counts, percentages, coverage, exclusions, and data cut-off together.

How to interpret it

An index can rise while breadth is weak when a few large constituents dominate. Conversely, broad participation can exist even when a capitalization-weighted index is flat.

Compare like-for-like universes. A changing universe can create apparent improvement or deterioration unrelated to security performance.

Limitations and failure modes

• Breadth is sensitive to universe construction and corporate actions.
• Cross-exchange duplicates require a declared security-level rule.
• Late or stale prices can misclassify securities.
• Breadth describes participation, not future direction.

Research workflow

1. Publish the universe manifest.
2. Validate price freshness.
3. Calculate classifications and coverage.
4. Archive the snapshot for reproducibility.

Questions and answers