While Sensex and Nifty closed below record highs amid volatility, analysts remain cautiously optimistic, noting that Indian equities have defied global uncertainty to post strong gains this year.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,990 level, a premium of nearly 75 points from the Nifty futures’ previous close.

Indian stock market made historic highs on Tuesday led by a rally in metal stocks. While Sensex crossed the 85,000 mark for the first time, Nifty breached the 26,000 level on an intra day basis. Later,

Indian equity indices closed flat on Tuesday after hitting a new all-time high due to positive sentiments in the global markets.

India's NSE Nifty 50 and S&P BSE Sensex are trailing only Wall Street's Nasdaq and S&P 500 as top-performing indexes this year, with analysts expecting the rally to extend into 2025.

After a slow start, Nifty IT gained momentum, rising by 0.7 percent with Tech Mahindra, HCLTech, and TCS leading the rebound.

The 30-stock index hit the 85,044 (record high) mark in early deals today against the previous close of 84,928.

On Monday, Indian stock indices BSE Sensex and Nifty 50 also reached new record levels. The Sensex rose by 384 points, or 0.45%, to end the day at 84,928.61, after hitting a record high of 84,980 during trading.

After a decisive upside breakout on Friday, the market continued its upward journey on Monday and closed near the day high, not before scaling fresh highs