# Vinod Nair
It is impossible to predict how much the valuation will consolidate in 2023. In the long run the valuation will be better than the previous premium of 10 percent to 15 percent.
RaThe benchmark Nifty 50 is down -0.9 percent so far this year. Other developing markets such as Mexico, South Africa, South Korea and China are up 9.1 per cent, 9.0 per cent, 10.7 per cent and 5.2 per cent respectively. It is not only developed countries that have performed well. The S&P 500, Nasdaq, France, UK and Germany markets also gained 6.3 per cent, 13.1 per cent, 12.1 per cent, 6.7 per cent and 10.4 per cent respectively. The effect of India’s fall was more on mid-cap and small-cap stocks. The Nifty 500 index fell -13.3 percent. More than 50 percent of stocks are trading below their 200-day moving average.
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