New Delhi, Aug. 19 -- Indian equities have delivered one of the strongest multi-year rallies globally, with the Nifty 50 climbing from around 8,400 in December 2014 to over 26,000 by September 2024, despite multiple corrections. According to Equirus Securities, this surge has been fueled by resilient domestic demand, aggressive policy support, and robust corporate earnings. Yet, with valuations well above historical averages, the brokerage stresses that sustaining momentum will hinge on consistent earnings delivery.

Equirus noted that the index weathered the 2015-16 slowdown, the March 2020 COVID crash near 8,000, and the 2022 global tightening-led pullback. Post-pandemic, the rally was driven by fundamentals - India's five-year EPS CAGR...