Why isn’t India’s stock market falling more? Even the rich and powerful are finding it hard to arrange a hospital bed or get an oxygen cylinder. At 32 times earnings, almost double the valuations in China, the Indian market is super-expensive. Besides, investors know from the first wave in 2020 that firms will protect earnings by idling operations and firing workers if required. But all this ignores a basic reality: India’s 2021 is shaping up to be nothing like 2020.

Source: Mint May 06, 2021 18:33 UTC