Why analysts are sceptical about India's record-breaking stock rally

According to analysts, a record high is happening only due to some stocks, so they cannot ascribe higher valuations and targets for all

When it comes to the Indian stock market, analysts are not following investors' exuberance.

A booming economy and encouraging corporate results have sent the benchmark S&P BSE Sensex racing past 22 record highs this year. While gains have accelerated in the past six weeks, analysts have failed to keep up, and the average price estimate for members of the gauge is now just 14 per cent above their stock prices, the narrowest gap since February, data compiled by Bloomberg show.

That's partly because only a handful of the Sensex members are supporting Asia's best-performing stock index. While