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Market Internals the health beneath the index · 22 years (2004→) · as of 2026-10-01
Bottom lineBeneath the headline index, the market's vital signs today: 21% of stocks rose, buying pressure is negative, and trading is choppy. These "internals" tell you how healthy the market is underneath the one number everyone quotes.
Every other "breadth" view here is relative (RS vs the benchmark) and starts 2011. This is the absolute market internal — how many stocks actually rose, whether buyers paid up (the tape), how much was delivered, how independently stocks moved — back to 2004, the era no other lens can reach. The hero is the divergence: when price-breadth rises while the tape distributes, the market is being distributed into strength — a warning the cap-weighted index can't show. Descriptive market-state, point-in-time — not a signal.glossary →
21%
Stocks rising today
570▲ up / 2068▼ down of 2662 · weak (10th percentile of 22y)
-22.9 pp
Accumulation balance
Accumulating share minus distributing share of classified stocks
57%
Real buying (“delivery”)
share held overnight, not day-traded · middling (28th percentile of 22y)
2.32
How differently stocks move
low = all move together · moving in lockstep (8th percentile of 22y)
Behind the breadth · 2025-11-21 — 459 stocks rose, 1825 fell of 2310 (20% up)
In plain EnglishThe tile said "20% rose" — here are the individual stocks behind that day: the biggest gainers and losers (liquid names, ₹1cr+ traded). These are the values the one breadth number summarises.
Price-breadth vs the tape — the market's two breadths
Top: price-breadth — % of stocks advancing (green) vs declining (red). Bottom: the tape — net accumulation−distribution, whether buyers are paying up. They usually agree; where they diverge is the story.
In plain EnglishTwo strips. The top is how many stocks rose (green) vs fell (red) each day. The bottom is whether buyers were aggressive (green) or quietly stepping back (red). They usually match — when the top is green but the bottom red, prices are rising while buyers back away. That gap is the warning sign.
PRICE-BREADTH · % advancing (smoothed) — centred at 50
daily texture — click any day to see its biggest movers
⚠Today: breadth and tape agree (weak). 21% advancing and the tape net-distribution (-23) — decline confirmed by the tape.
Delivery-conviction regime — is it real buying?
Market-wide delivery-% — the share of volume taken to demat, not intraday-churned. It fell structurally from ~64% (2004-13) to ~54% (post-2020) as the F&O / algo era took over. Delivery spikes on panic days (intraday traders vanish; only holders transact).
In plain English“Delivery” = shares actually bought to keep, not flipped the same day. The share doing so has fallen for two decades as fast/algo trading grew — and it jumps on crash days, when only genuine holders are left standing.
Dispersion — stock-picker's vs macro market — how independently stocks move
Cross-sectional stdev of daily returns. High = names move on their own merits (selection pays); low = everything moves together (macro / risk-on-off). It spikes in every crisis (COVID 5.97, GFC 5.81) and has drifted structurally lower.
In plain EnglishWhen this is high, stocks go their own ways, so picking the right one matters more; when low, they all move together on the day's big news. It jumps in every crisis.
Coil ↔ expansion — the market's volatility spring
Mean ATR-compression across the universe (short-vs-long range). <1 coiled (quiet, wound tight) · >1 expanded (violent, unwound). Expansion peaks coincide with the distribution thrusts above (COVID 1.69).
In plain EnglishThink of a spring. Below 1, the market is wound tight and quiet; above 1, it's snapping around violently. The violent spikes line up with the crashes above.
Crisis fingerprints — the internals, validated against known history
The same five internals on the days everyone remembers. Every extreme lines up: the tape reads −92 at the GFC low, −74 at the COVID low, +90 on the 2009 thrust.
In plain EnglishA sanity check: the same five gauges on the days everyone remembers. On crash days almost nothing rose, buying pressure was deeply negative, and trading was violent — exactly what you'd expect. Proof the gauges are real, not made up.