Newsletter September, 2023

After the COVID Mar’20 lows, the Indian market (Nifty 500 Index) have been on an unprecedented upmove (up 3.8x, 35.1% CAGR) and one of the best performing markets globally. While the consensus long-term outlook remains bullish for India, discomfort around broader valuations seems to be rising as the divergence between ‘Numbers’ and ‘Narratives’ seems to be widening.