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Is the current valuation of the stock market justifiable?

The Bombay Stock Exchange and the S&P Index has recently crashed by 806.47 points to close at 35169.16 on thursday. The index has also lost 9.6% of its value since 28 of Aug when it had reached an all time high of 38,896.63. Part of the reason for the fall is untimely developments on the external front such as rising crude prices, fall in the value of the rupee and the rise in interest rates in developed markets. However it is also important to ask the question whether the current valuation of the Indian stock market is justifiable?
On this ongoing Stock market crisis we have our business and finance editor Akhilesh Bhargav who gives more details on this issue..

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