Market gains driven by select stocks, investment managers bullish on healthcare and consumer staples.

The stock market rally in 2023 has been largely driven by a handful of megacap stocks, leading to concerns about weak market breadth. This has prompted investors to re-evaluate their portfolios and consider diversifying beyond the blue-chip names. Legendary market technician Bob Farrell's adage that markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names has been cited in recent research notes.