The eagle in the stock market: Swooping where valuations open a gap

Down 10% in USD terms, Indian equities still give hawk-eyed investors a clear vantage through Nifty's pre-pandemic valuations

Benchmark indices sit roughly 2 per cent below the record highs reached in September 2024, yet market valuations have become more attractive compared with a year ago. 

Foreign brokerage Nomura points to several indicators suggesting Indian equities are in a stronger position than before. The Nifty 50 index’s premium to the FTSE Emerging Index, for instance, stands at 14 per cent — the lowest in four years and in line with pre-pandemic norms. 

In US dollar terms, Indian equities have fallen 10 per cent from their peak, while emerging-market peers such as South Africa, China, and South Korea have gained