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India will achieve a market capitalisation of nearly $10 trillion by the turn of this decade compared with the current $4.3 trillion – a rise of around 132 per cent during this period, believe analysts at Jefferies led by Christopher Wood, their global head of equity strategy. The biggest risk in the Indian market, he suggests, is simply how well it has done of late.
"The market looks expensive, most particularly from a mid-cap standpoint. The Nifty Midcap 100 Index is now trading at 25.9x one-year forward earnings, compared with 20.2x for the Nifty. Still these valuations should be seen in
