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India may be Asia’s best-performing major market this year, but not everyone is rejoicing the return of the nation’s benchmark gauges into record territory.
A peek under the hood of the S&P BSE Sensex gauge’s 7.3 per cent gain this year shows it’s being dominated by three stocks -- Tata Consultancy Services Ltd., Reliance Industries Ltd. and HDFC Bank Ltd. A little over half of the 30 Sensex stocks are trading higher than their 200-day moving average price, down from 94 per cent in January when the gauge peaked.
Gains have been lopsided as investors sought safety in the biggest
