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Below are Quote on Sensex all time high By Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd

The Nifty has hit levels of 50,000 on the back of strong global cues post inauguration of Joe Biden as the new president of the US. We expect global cues to remain strong in the near future which will lead to global flows remaining strong over the near term. Markets will also look to  the Union Budget on the 1st of February and the ongoing Q3FY2021 results season for further cues. However valuations at current levels are expensive with the Senses trading at P/E multiples of  ~21xFY2022 EPS estimates. While the markets may be expensive at current levels we believe that India equities will command a premium given that we are still in the early part of an earnings recovery cycle where multiples tend to be higher. However if we look at the markets on an FY2023 basis then valuations appear to be more reasonable at ~17.5x. Moreover we believe that liquidity will keep coming into India given zero interest rates in developed countries and continued monetary stimulus by the central banks globally. Therefore we continue to remain positive on the Nifty from a medium to long term perspective despite any possible short term volatility in the markets. Corrections if any are likely to be short lived and should be used as an opportunity to buy into the market from a long term perspective.

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