 "markets")
2023 could be another volatile year for Indian equity markets, according to BofA. In a report, the brokerage pointed out that the Nifty50, at present, is trading at 20.7x against its long-term average of 18.8x one-year forward earnings of current Nifty constituents. Plus, India is trading at a 98 per cent premium to its emerging market (EM) peers against its long-term average of 45 per cent.
" We can debate the quantum of it but markets are expensive whichever way we cut it. And that is one of the worries we have," said Amish Shah, head of research, India, BofA
