The Nifty rally has not been accompanied by large cap volumes as, they were mostly lethargic. But the daily new highs were on account of Mid and Small cap stocks. The chart below of total market volumes show huge activity even during the year end holiday season.
Technically rising trends are associated with rising volumes and pullbacks with falling volumes. Markets also peak on high volumes. Sometimes however prices rise on falling volumes at the end of a trend as a sign of exhaustion. Right now the high volumes are worth noting in line with previous volume peaks.