In April 2017, the BSE Sensex crossed the psychological mark of 30,000. This was not the first time it had touched this level. The last time it had crossed this mark was in March 2015. But after that, it started trending down, and has taken two years to come back to that level again. The Nifty, too, is at the same level in terms of valuation (based on one-year forward estimates) as it was in March 2015. When the Nifty had scaled 9,000 in March 2015, the 12-month forward price to earnings, or P/E, multiple was 17.4. Today, the 12-month forward P/E is about 18. However, market experts say that although we are at the same juncture again, things are different this time. The markets, they say, are likely to…