– Yesterday the most important Indian stock indices



BSE Sensex

up 1.6%, Nifty closed at 17,823.

Markets were calm about news from the US Federal Reserve that it could start tightening soon and raise rates sometime in 2022. Investors believe this news was as expected, and the Fed’s announcement came as no surprise. Second, China’s real estate developer Evergrande’s announcement that it would settle the payments crisis for the time being also added to the optimistic tone.

Momentum could bring Nifty to 18,000 today, but it will also heighten concerns about overheating markets. Valuations are already at a 16-year high and with Nifty trading at a one-year forward PE of 24.4, concerns are justified. Only time will tell where the markets will go in the future.

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