The equity market has been under the firm control of bulls since the beginning of the financial year. Week after week, the equity indices have been scaling new heights, often reaching multiple milestones within a single week. For instance, in the last 17 trading sessions ending on July 21, the Nifty 50 achieved a lifetime high on 11 occasions. Currently, it stands tantalizingly close to the 20,000 matantalisinglyrk, with a recent high of 19,991.8 on July 20. Similarly, the Sensex also touched the remarkable milestone of 67,000.
Since the start of April 2023, major indices like Sensex and Nifty have experienced growth in the lower teens, while the broader equity indices based on mid-cap and small-cap companies have surged in the twenties, all the way until July 21. Despite the significant uptrend in the indices, the current valuation of the stock market seems relatively reasonable. On July 21, the price-to-earnings ratio (PE) of the Nifty was recorded at 23.96 times, which is lower than its five-year average of 26.43 times and its ten-year average of 24.34 times. These figures indicate that the market’s current pricing is somewhat favourable, despite the bullish run. Analyst and market participants believe that it will remain buoyant even in the second half of 2023.
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