Sensex, Nifty at all-time high. But it's not a bull market yet

Sensex and Nifty hit record highs, but nearly half of Nifty50 stocks remain below all-time peaks, highlighting a narrow rally led by a few largecaps. Retail investors are exiting secondary markets for IPOs, while analysts advise caution, selective buying, and tight risk management amid high valuations and market concentration.