The market may be looking overvalued from a historical perspective, but the liquidity driven rally has got another boost with the US Fed’s decision to defer the rate hike yet another time. Though no economic pickup is expected for a couple of quarters as yet, the market may continue to drive upwards due to other factors. The crackdown on black money will push liquidity into the white economy and boost consumption, and is also likely to drive investments away from gold and real estate to financial assets. The clearing of balance sheets of public sector banks and emergence of efficient private banks and NBFCs makes the financial system more robust. The thrust on road construction and infrastructure will boost demand for capital and other goods.