Bull market in 2008 and now: Top five companies, valuation, and more

In 10 years, the composition of the market has undergone a sea change

It has been a decade since the 2004-08 bull market peaked. The benchmark BSE Sensex touched a record of 20,873 on January 8, 2008, before the meltdown triggered by the US subprime crisis, which led to the global financial crisis. Ten years on, a new bull market is underway for the Indian market. The Sensex has nearly doubled since its 2013 lows and is currently inching towards 35,000. 

The market currently trades above its long-term average and it compares favourably to the 2008 period. In terms of price-to-earnings (P/E), price-to-book value (P/B), market capitalisation-to-GDP (gross domestic product) and dividend yield, the