'Despite steep correction, Indian equity markets remain expensive'
Updated: 19 May 2022, 09:58 AM IST
TL;DR.At its peak, Nifty was trading at a P/E multiple of 22.74, which estimated one-year forward earnings. That P/E multiple has now come down to 17.93 times, closer to the 10-year average multiple of 16.79 times.
BofA Securities on Tuesday cuts its Nifty target to 16,000 from 17,000 earlier, on the back of Interest rate hikes in the US; inflation worries; and a recent off-cycle rate hike by the RBI.