Nifty's long road to 19k makes 20,000 pts a tall order amid rich valuations

Jury is still out on how soon index will top 20k; market has overshot and undershot valuations before. If strong momentum in FPI flows sustains, getting to 20k may not be long, believe analysts

Investor mood has turned buoyant with the Nifty breaching 19,000 for the first time. However, the landmark took a long time to come. The benchmark index had topped 18,000 back on October 11, 2021. The latest 1,000-point up move for the 50-share index---a 5.3 per cent gain—has taken 425 days. In other words, someone who bought the index in October 2021 had to wait for over 20 months to recover the investment value. An analysis of every 1,000-point move, since when the Nifty first touched 9,000 in 2015, shows at 425 days this is the second-most number of days the