The Core Report #737 Sensex Hits Record 86,000
Nov 27, 2025
In this discussion, Devina Mehra, Chairperson and Managing Director at First Global, shares her insights as a seasoned market professional. She analyzes the recent record highs of Sensex and Nifty, attributing the gains to a narrow range of large-cap stocks. Devina dives into the risks posed by small-cap collapses, examines sector rotations, and discusses portfolio positioning strategies. Additionally, she highlights their innovative 'human plus machine' investing approach, which aims to minimize biases in stock selection.
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Record Highs Mask Narrow Market
- The Sensex and Nifty hitting record highs hides a very narrow rally concentrated in a few large-cap names.
- Nearly half of Nifty stocks haven't touched all-time highs, so index gains mask broad weakness.
IMF Reclassifies India's Currency Regime
- The IMF reclassified India's exchange-rate regime to a 'crawl-like arrangement' reflecting greater currency flexibility.
- The rupee remains Asia's worst-performing currency amid RBI intervention and depreciation risks.
Nifty's Unusually Low Volatility
- The Nifty has shown extraordinary calm with long streaks of tiny intraday moves and low volatility.
- Its three-month realized volatility is far below the S&P 500, signaling one of the world's steadiest major indices.