"The Nifty is at around 17,400 now. Two, one and a half years back it was at a similar level. It has just stuck around there, whereas the US markets have corrected, etc. So that is the thing. If you look at the valuation in 26 indices that we are looking at, India would be very rich in terms of relative valuation, about 50% higher than the average in terms of the average PE ratio that we are looking at."
