Pricey valuationsThe valuations have gone up significantly in a short period of time. “The trailing price-to-earnings (PE) multiple of Sensex has shot up to 26 times from 17 times, while the price-to-book (PB) ratio has gone up from 1.8 times to 2.5 times since 23 March despite weak economic data," said George Heber Joseph, chief executive officer of ITI Mutual Fund.As per the latest SBI Research report , it might take up to four years to witness the pre-covid growth levels, and a minimum of two years in the best-case scenario. “For India, we project a GDP decline of 6.8% for FY21.