Sensex 82,693 and Nifty 25,330 hit two-month highs as trade talks with the US and Fed-cut bets steadied sentiment. Yet over 12 months, benchmarks are flat despite $90billion domestic inflows, a brokerage says, citing rich valuations and downgrades. The rupee firmed to 87.81/$; gold eased to $3,668/oz. Near-term buoyancy meets longer-term valuation questions.