Nifty 50 - Possible p/e based warning sign....

So here is the promised update on India's Nifty50 stock market. I have highlighted, as on previous occassions, the prior time that equity markets where stimulted and p/e's reached these levels. As we can see the markets fell about 35% back at the beginning of 2004 . I intend to get some data to compare developed versus emerging stocks and will hopefully have that by tomorrow. Definitely food for thought.....