 "Stock broker looking at screen outside the Bombay Stock Exchange")
Pushed by domestic investors, the Dalal Street has overcome the demonetisation blues, with the benchmark BSE Sensex valuation back to pre-currency swap levels, notwithstanding the worries of a slowdown in gross domestic product growth and corporate earnings.
The benchmark index is now trading at 21.3x its underlying trailing 12-month earnings per share, slightly higher than the 20.9x at the close of trading on November 8 — the day demonetisation was announced. After the invalidation of high-value currency notes, the index valuation touched a low of 20.1x on November 24. The index is, however, around 300 points or one per cent
