Nifty is currently trading at 18.4x on 12-month forward PE, at 1std (standard deviation) to its long-term average while it is trading below 1stdev on a 12m-forward PB. The current valuation looks attractive (equivalent to the 5-year average) as risk-reward has significantly improved in the last three months with the earnings expectation for FY23 remaining intact, Axis said.
