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As long as retail money keeps coming in, it will be pointless talking about how stock prices and thus their valuations are not justified by their prospective earnings. Under the prevailing conditions, the market will continue to go up because it has been going-up.

In 2016-17, the total amount of money that was invested in MFs through the SIP route was ₹43,921 crore. It shot up to ₹96,080 crore in 2020-21 and to ₹199,219 crore in 2023-24.

Retail investors (individual investors plus domestic MFs plus Ulips) now hold more than 40% of the floating stock of companies listed on the NSE. Foreign institutional investors hold 36.8%.