From the valuation parameter, the price to earnings ratio has gone from 24 to 19 times. In price to book, we are below the 10-year average. If you look at the earnings yield, it is roughly about 5.6%. If you look at market cap GDP, we are at 94%. The peak was about 112%. In the last 18 months, the total economic growth, the GDP growth is 20%. For Nifty, it is minus 9%.
