New Delhi, Oct. 16 -- Fund managers speaking at the Mint Money Conversations, presented by digibank by DBS, on 14 October, urged investors not to be driven by index valuations. A collapse in economic growth has caused indicators such as price-to-earnings (P-E) and price-to-book (PB) to rise to historic highs. The trailing P-E ratio of the Nifty 50 is at 34.87, according to data from the National Stock Exchange. However, India's benchmark Nifty index has reached the 11,680 mark this week, inching close to its all-time high of 12,377.

"You have to dissect sector by sector, company by company. There are great businesses whose intrinsic value is pretty strong from a long-term point of view. We see good intrinsic value for many companies even...