Valuations, premium, earnings: India stock market surge explained in charts

The beat isn't prompting investors and analysts to sound the all-clear for Indian equities just yet

Another thousand-point milestone is within reach for India’s benchmark equity index.

Following the drubbing earlier this year, the S&P BSE Sensex is nearing the 39,000 level, the gauge’s third round-number mark since surpassing its life-time peak two months ago -- a rally that’s helped the gauge cement the tag of Asia’s best performer this year.

While there’s optimism that economic growth topping 8 per cent will help power equities higher in the coming months, lingering external risks, most notably from the price of oil -- and its impact on the rupee -- and stretched valuations is giving some investors a