Bulls take charge

But India is among the most expensive markets in the world

The legendary investor and Columbia Business School Professor, Benjamin Graham, personified investor sentiment as “Mr Market”, a manic-depressive whose moods swing between gloom and euphoria. One of those euphoric upswings has occurred as a broad majority of Indian stocks have surged. The ongoing bull run is driven by sentiment rather than hard data. Since the Pulwama terror attack on February 14, the Nifty is up by 5.5 per cent and the Nifty Midcap 150 Index is up 7.7 per cent, while the Nifty Smallcap 250 Index is up 12.9 per cent. Foreign portfolio investors (FPIs) have led the charge, buying