A little over a year ago, the Nifty was at an all-time high. Then came a year-long correction. And now the Nifty is again touching new highs. So are things exactly as they were a year ago? No. Some things that are common, but there are also key differences. What is common is that valuations remain high in large swathes of the market. The difference is that, a year back, it was an across-the-board rally. Today, the street is in a stock-specific mode, rewarding companies that are showing growth and earnings, and punishing those that don’t. So, as an investor, you need to be more cautious and selective today than you were a year ago.
