Scaling new highs

Market valuations reflect optimism

India’s stock market indices have continued to advance, hitting new records. The National Stock Exchange (NSE) benchmark, Nifty 50, which has risen four per cent this calendar year, has hit new highs this week, while the BSE Sensex has touched the 75,000 mark for the first time. The market indicators are all reading green and there is little sign of nervousness at this point. The volatility index (VIX), which reflects spreads in Nifty option premiums and is considered a reliable sign of trading sentiment, is at its lowest level so far in 2024 — a sign that the market is