when you read this article https://www.themacrotourist.com/why-we-have-been-screaming written by macro tourist you will realise the similarities between Indian and US equity markets.
Both have seen the lethal force of Monetary and Fiscal expansion simultaneously
He writes
When you combine those monetary developments with the most accommodative fiscal stance in a decade, it is little wonder the stock market is screaming higher.
Now don’t misconstrue this to mean I am bullish on stocks and recommend you chase them up here. The froth is so thick, I am scared we could get a 10% swoosh lower in the index at the slightest tick of bad news. But I wanted to explain that the shift in policy at the Federal Reserve policy, along with the fiscal taps being wide open is a combustible environment for risk assets.
This is my view will end only when either the Bond Market revolts or Currency takes a knock driving up the inflation