Are Indian markets over-valued?

The sensex in India is orgasmic. No, I am not joking, look at the numbers, 11,300 - 11,500 - 11,700, it's in a mood to party. Great, every person i meet is talking about sensex and the "power of India" in the global markets by saying, "We are arrived". Anand Sridharan has raised some valid points in the valuation of the Indian market.How long will be our "bullride honeymoon"?

India Markets Sensex