The Indian stock market, led by the Nifty 50, has reached an all-time high at the start of 2026, with sectoral indices also showing record performance. This surge has fueled optimism for a potential 'runaway rally' throughout the year. However, experts caution that this positive outlook could be tempered by two significant risks: potential disappointment in quarterly earnings and delays or stagnation in the India-US trade deal. Investors are advised to remain watchful of these factors.