Dalal Street climbed to a new closing high.
The unbridled bull run is continuing without any break.
With the Sensex hitting 11,746, the Index soared with a gain of 467 points in 3 goddamned days. Investors may now shrug of concerns about stretched valuations and I believe that now the focus would be on robust fund inflows and expectations for strong fiscal during the fourth-quarter earnings.
Cement, drug and software were major gainers. The peak was at 11,755 points.
Money is pouring in from the FIIs (Foreign Institutional Investors), and mutual funds.
This year foreign funds allowed a gain of 25% to the index with whoping $4 billion inflow.
The price-earning ratio (P/E) has hit 21.62. A high P/E indicates the high earning potential of the corporate sector. It means that the market is getting overvalued..the market has put a much more optimistic and more expensive value on the shares.
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