In another sign of demand compression and stiff competition particularly regional, Hindustan Unilever reported a bigger-than-expected fall in fourth-quarter profit on Wednesday

While there are worries about the overvaluation of stocks, the Indian markets have really done well in the last few years. 

SEBI has issued warnings regarding excessive exuberance in small- and mid-cap stocks, even urging mutual funds with such portfolios to conduct stress tests.

Indian stock markets were up, lifted by index heavyweights like Reliance Industries, HDFC Bank and Maruti. The BSE Sensex closed up 526 points up at 72, 996 and the NSE Nifty 50 was up  119 points to close at 22,124. 

Promoters of three companies, BGR Energy Varanium Cloud And Ultracab, hid information from shareholders while they quietly sold their shares.