Bernstein said that after experiencing a decline, the Indian stock market looked cheap compared to its own historical range, but compared to its global peers, the valuation was still high. Analysts Venugopal Garre and Nikhil Arela wrote in the October 19 research report: “Digesting market valuations is a long process. At this stage, we don't think India's valuation has entered a new pattern.” “Compared to global peers, it is difficult to establish a valuation advantage: Nifty is still the third most expensive stock index in the world, higher than many Asian markets with stronger medium-term growth potential.” However, the brokerage firm believes that after a sharp decline during the year, there is room for a slight rebound in the stock index, relying on a return to the mean.

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