There will always be risks in the market. At high valuations, risks are higher. The biggest risk is that valuations are lofty. It is important to keep in mind the fact that India is now the most expensive market in the world. At 21,000 Nifty the market is trading at around 21 times FY 24 estimated earnings and around 19 times FY25 estimated earnings. It can be argued that high valuations partly reflect the confidence of investors in the India Growth Story.