India's Nifty 50 index has experienced nearly zero returns over the past year, despite a robust economy and positive news. The index's price-to-earnings ratio exceeds its long-term average, and the market-cap-to-GDP ratio has surpassed 139 percent, suggesting limited upside potential unless earnings growth accelerates. Over 60 percent of NSE 500 companies are trading below their 2024 highs, reflecting broader market weakness. High valuations, margin pressures, and cautious foreign investor flows are contributing to the stagnation. Although India's economic fundamentals remain strong, the market is perceived as overvalued, raising concerns about a possible correction.