Other valuation measures, including price-to-book value and price-to-sales, also show stocks are well above their historic averages, Societe Generale analysts said in a note. U.S. equities are trading at five times their book value, for instance, compared with a long-term average of 2.6.

Do rate cuts with the stock market at or near all-time highs provide bulls additional fuel or do they portend trouble ahead? Dow Jones Market Data ran back the tape.

Nifty-50 index and the Sensex though hit record highs on Thursday, however, ended lower with gains of 0.15% and 0.29%