New Delhi, Jul 5 : Indian equities are trading at their lifetime highs while the emerging markets are 30 per cent away from their peaks.

This is largely a result of strong FPI equity flows (highest among select EMs for four months in a row), pick-up in MF equity flow, benign crude oil prices, sharp progress in south-west monsoon, continued demand traction (with signs of rural and capex cycle recovery), and likely mid-teen corporate earnings growth (with minimal earnings downgrade), Antique Stock Broking said in a note.  Indian equities are trading at 20x 1-year forward P/E multiple (as against a long-term average of 18.4x) helped by strong FPI equity flows (highest equity inflow of USD 3.5 billion among emerging markets in June—the fourth month in a row), pick-up in mutual fund equity flow (Rs 98 billion till 26th June), benign crude oil prices, sharp pick-up in monsoon, resilient domestic macro (as evident from various macro indicators like GDP growth, IIP, GST collection, PMI, e-way bill, electricity demand, petroleum consumption, etc.), and likely mid-teen corporate earnings growth (with minimal earnings downgrade), the report said.