The 22 percent rebound in India’s benchmark S&P BSE Sensex from a low reached in February has sent its price-to-book valuations to the highest in a year. The last time the ratio was this high, on June 29, 2015, the index went on to decline 4.5 percent over the next two months. Global funds have bought $4.1 billion of the nation’s equities this year, putting the gauge on course for a fifth monthly advance.
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