伯恩斯坦表示，经历下跌后，印度股市相较自身历史区间看上去已经不贵，但对比全球同业，估值依旧偏高。
分析师Venugopal Garre、Nikhil Arela在10月19日研报中写道：“市场估值消化是一个漫长过程，现阶段我们并不认为印度估值已经进入全新格局。”
“放在全球同业中对比，估值优势很难成立：Nifty仍是全球第三贵股指，高于不少中期增长潜力更强的亚洲市场。”
不过该券商认为，在年内大幅下跌之后，依靠均值回归，股指存在小幅反弹空间。
考虑宏观环境走弱、高油价、高收益率以及地缘风险持续，伯恩斯坦将Nifty目标位从26000下调至25000点。
指数当前对应28财年预期市盈率18倍。
市场对长期资本利得税下调、AI行情反转的期待只是故事叙事，并非实质性催化因素。
Nifty今年以来累计下跌12.5%。
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