So, clearly you are seeing sectors like say real estate, utilities and industrials where the sectoral growth has been faster than the earnings growth, so index has moved up way ahead of earnings estimates.
Dalal Street Week Ahead: Market outlook remains bearish; Nifty vulnerable to extended weakness
The markets showed persistent decline over the last week, with the Nifty index breaching key technical levels, including the 200-DMA and 50-week MA, ending significantly