200-DMA of BSE 500 companies rises but gains may not be broad-based

97% of companies were above mark when indices hit all-time high in Oct '21, against just over 55% presently

More than 280 of the BSE 500 stocks are trading above their 200-day moving average (DMA), at present, against 254 as of September last year. And, 151 of them are trading 10 per cent above their 200 DMA.
 
The 200-DMA — nearly a year’s average of closing prices — is analysed by traders to understand the market sentiment. A fall below these levels indicates a weak trend. Meanwhile, the Sensex and Nifty50 are trading 6 and 5.7 per cent above their 200-DMA.
The current trend reveals that gains are a bit more broad-based but nothing to write home about,