Despite All-Time Highs, Euphoria Remains Elusive

Christmas has come early for the Indian benchmark indices as the Nifty closed at a record high for the sixth straight session and the BSE Sensex is comfortably trading above the important psychological mark of 63,000. While Indian equity benchmarks are scaling new highs, the momentum is not broad-based and hence this makes it a unique scenario. The reason I say this is because the headline indices are at a lifetime high but there is no euphoria. The portfolios are underperforming and people are complaining about the all-time high. If you look at the breadth statistics, you will be disappointed as well and at the same time we have seen that the poster boys for 2021 are struggling to find their feet in the current scenario.