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Sep-15<br />
<strong>Oct</strong>-15<br />
Nov-15<br />
Dec-15<br />
Jan-16<br />
Feb-16<br />
Mar-16<br />
Apr-16<br />
May-16<br />
Jun-16<br />
Jul-16<br />
Aug-16<br />
Sep-16<br />
<strong>Oct</strong>-16<br />
Nov-16<br />
Dec-16<br />
Jan-17<br />
Feb-17<br />
Mar-17<br />
Apr-17<br />
May-17<br />
Jun-17<br />
Jul-17<br />
Aug-17<br />
Sep-17<br />
<strong>Oct</strong>-17<br />
Nov-17<br />
Dec-17<br />
Jan-18<br />
Feb-18<br />
Mar-18<br />
Apr-18<br />
May-18<br />
Jun-18<br />
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Aug-18<br />
Sep-18<br />
Sensex Above Fair Range<br />
42000<br />
39000<br />
36000<br />
33000<br />
30000<br />
27000<br />
24000<br />
21000<br />
18000<br />
15000<br />
12000<br />
12-month Forward Sensex P/E (X)<br />
Stretched 20x - 24x<br />
Fair Value Plus 17x - 20x<br />
Fair 13x - 17x<br />
Attractive 10x - 13x<br />
Cheap 8x - 10x<br />
Source: Axis Capital<br />
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