Indian stocks near record highs but rally remains narrow

India’s benchmark equity indices are within about 0.5-1% of their all-time highs, boosted by a handful of large-cap stocks like Bharti Airtel and State Bank of India. However market breadth remains thin, with most stocks failing to participate and economic fundamentals such as 6.6% GDP growth and a weak rupee (~₹88 / US$) raising concerns. Foreign portfolio investors are showing some renewed interest, but large annual outflows persist. Global trade and policy signals remain key triggers.