"We remain constructive on the markets in Samvat 2080, apart from being long-term bullish. The recent sharp up move in FY24, has already seen some consolidation/correction in the month of October 2023. However, one must note that the rally has been on the back of strong earnings delivery. As a result, most frontline indices are trading at 20-30% lower valuation (in terms of 1-year forward PE) than the peak seen 2 years ago."