Nifty is trading at 21.5 times its one-year forward earnings, which is above its historical average of 20.4 times. India is being perceived as relatively expensive market compared with other emerging market peers.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,425 level, a discount of nearly 50 points from the Nifty futures’ previous close.

Sensex today witnessed decline of 650 points or 0.79% to 81,846 and Nifty 50 fell nearly 190 points or 0.75% to 25,060 in late afternoon trade on October 4 amid weak global cues. Meanwhile, Reliance Industries Ltd shares plunged 0.