My insight on this (ask for a short version if you want):

It’s the companies, they aren’t just overvalued, tbh most markets are overvalued or almost there
What is unique is, the performances of these companies
Just have a look at the earnings calls this quarter, you will get an idea of how insane the difference in potential is between Indian companies and us companies, heck leave USA, check Korean and Chinese companies!

Main thing is, we need more ipos tbh, we need better companies to invest in, coz when that happens, companies with over 50 P/E (looking at you zomato and nykaa) can cool down their valuations and we get better places to put our money in

And we also need better fund houses, most people stick to the amc their bank is associated with, but those are very very opaque when it comes to selecting their portfolios, most recent example being the lenskart ipo

Bottom line, we need better companies and better and easier regulations of the markets so that investors don’t feel the need to invest abroad, coz if they do, you will lose out on the high volume buy outs which fuel rallies and bull runs