Even as stock prices climb to new highs, data show that the economy is not gaining momentum on the ground. At 32,000, the Sensex now trades at 18.5 times the estimated one-year forward earnings. That’s a huge 20 per cent premium to the long-term historical price-earnings multiple that India has traded at.However, earnings growth and other high-frequency indicators don’t quite match the optimism in the stock markets. Analysts expect earnings for the broader universe to fall in the June quarter.