Road ahead for D-Street: What Buffett indicator and other valuation metrics are hinting at

“The ratio has been volatile, reaching 56 per cent of FY20 GDP in March 2020 from 80 per cent in FY19 and then sharply bouncing back to 112 per cent in FY22. The ratio is now at 107 per cent of estimated FY23 GDP,” Motilal Oswal said in a note.