The highs that haunt: Sensex and Nifty still chasing last year's peaks

The summit slips from view: Midcaps trail, FPIs exit, domestic liquidity clings to the ledge

A year ago, Indian equities scaled lifetime highs, with the Nifty reaching 26,277 and the Sensex approaching 86,000. Since then, both indices have remained more than 6 per cent below those peaks. 

The total market capitalisation (mcap) of BSE-listed companies now stands at ₹450.6 trillion, down from a record ₹478 trillion. Just last week, the gap had nearly closed, with mcap less than 3 per cent short of a fresh peak. 

Broader markets have lagged further. The Nifty Midcap 100 and Nifty Smallcap 100 remain 7 per cent and 11 per cent below their respective highs, highlighting the relative resilience