Global equity rally has become extraordinarily narrow, YES Securities said on Monday as it noted that 95 per cent of the $12 trillion gains seen in global markets this calendar have been accumulated by just 100 stocks in a sample of 10,000 investible shares. This includes NVIDIA, whose market capitalisation (m-cap) at $5.4 trillion now stands higher than m-caps of key European indices such as FTSE 100, DAX and CAC 40. No Indian stock is on the list, with India recently losing fifth spot to Taiwan on AI-led rally globally.