The primary objective of this empirical study is to investigate the Indian equity market network by analyzing its topological properties using the disparity filtering technique, and a minimum spanning tree. It investigates the backbone structure of the reduced weighted equity network and highlights the sector-based cluster formation. This study also examines the relative importance of each sector by utilizing different key network metrics, with comparative analysis against other emerging markets. It observes a high sector-specific dominance, power imbalance, disparity, and risk concentration in the healthcare and technology sectors. It also finds that fast-moving consumer goods and the healthcare sector can play important roles in maintaining economic stability, public health, and social wellbeing. The findings of this study are highly useful in understanding the market structure, risk management, and investment decisions in the emerging market context of India.