Indian market valuations which were fairly valued couple of weeks ago now seem to be overstretched. Indeed they are. Dr. Mark Mobius of Templeton investments is of the opinion that India is trading at a forward P/E of 20 while other emerging markets are at 13. Also note that their is no significant FII investment in the country. It is just Rs1418 crores for the month of June and Rs254 crores till date in July.
Indian Investors be carefull as their will be stock specific activity in the coming days. Book atleast 30% profits today if you have bought at 9000 levels. SELL now!!