New Delhi, July 21 -- India continues to be one of the most expensive equity markets in the world, according to a latest report by Nuvama Institutional equities.

Nuvama research highlighted that the country's 12-month forward price-to-earnings (PE) ratio stands at 23.3, which is the highest among major global and emerging markets.

It is 1.6 standard deviations above its 10-year average, indicating elevated valuations compared to historical levels.

The report also shared that India's 12-month forward price-to-book (PB) ratio is also high at 3.4, which is 1.3 standard deviations above its 10-year average. This makes Indian equities significantly more expensive on both earnings and book value metrics.

In comparison, the United States fol...