The Indian stock market showed strong performance on Friday, May 26. Notably, the BSE Sensex and the Nifty 50 reached new all-time highs, with Reliance Industries and Tata Steel topping the advancers, as higher derivatives rollover led to strong follow-up buying in index heavyweights. Recapping the benchmarks, the Nifty 50 climbed 0.90% to 9,595.10, and the BSE Sensex also closed 0.90% higher at 31,028.21. By 10:01 GMT, the USD/INR currency pair slipped 0.18% to 64.430, and EUR/INR was 0.08% lower at 72.3097. The 10-year Indian government bond yield narrowed to 6.788%. In sectoral terms, automotive, metals and mining, capital goods and real estate names logged gains, while healthcare stocks underperformed the broader market. On the NSE, the session’s frontrunners included Tata Steel, Hindalco and Vedanta Limited, which soared 5.58%, 4.12% and 4.32%, respectively. In the bear camp, Bank of Baroda, Lupin and Sun Pharma plunged 1.13%, 2.43% and 4.04%. As noted above, index heavyweights Reliance Industries and Tata Steel advanced 2.68% and 5.58%. The O&G sector tracked oil prices lower, with Indian Oil shedding 2.94%. Meanwhile, pharmaceutical player Cipla retreated 3% after reporting quarterly losses, while analysts, on average, expected profits. The daily chart shows that the BSE Sensex has touched the upper line of a local rising band and broken out of the upper Bollinger band, while the RSI is near overbought territory. For this reason, the benchmark is likely to trend lower in the short term.