The liquidity-driven rally has already taken the index from 26K to Mount 33K in a matter of just 10 months which translates into an upside of little over 26 percent so far in the year.
The rally fuelled by consistent buying by domestic institutional investors (DIIs) and foreign investors who are still net buyers in India equity markets on net basis pushed valuations of many stocks above their respective long-term averages.
The rich market valuations have been drawing a lot of attention, with the market trading 23 percent above the long-period average.
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