Indian stock market, Nov. 11 -- Over the past year, the Indian market indices have navigated several headwinds - FPI outflows, inflation, uncertainty around US tariffs, concerns over slowing global growth, policy divergence among major economies, and elevated domestic valuations.

According to the Monthly Market Outlook report for this month by ICICI Prudential, the outlook of the Indian stock market now appears to be improving. Corporate earnings are gaining momentum, domestic market volatility has subsided, and policy measures such as GST reforms, income tax reductions, and liquidity support are expected to drive the next phase of growth.

"With the evolving changes, we are now less cautious on equities. However, elevated valuations can...