BENGALURU: India’s NSE Nifty 50 index came off a record high on Wednesday, as profit booking across many sectors capped gains in information technology stocks, which were lifted by expectations of an imminent rate cut in the United States.

The benchmark index rose as much as 0.45% to an all-time high of 25,129.6 points earlier in the session but settled 0.14% higher at a record closing high. The S&P BSE Sensex rose 0.09% to end at 81,785.56.

The Nifty 50 has gained 3.8% over 10 sessions, its longest winning streak since October 2020.

Sustained local retail and institutional inflows, as well as money from portfolio management services and alternative investment funds has ensured a liquidity surplus, which is keeping the momentum positive, Amit Kumar Gupta, founder of Fintrekk Capital said.

Analysts have, however, cautioned about bouts of profit booking as shares trade at expensive valuations.

Eleven of the 13 major sectors declined, limiting gains in domestic equities, while the IT and pharma indexes rose 1.64% and 1.14%, respectively.