One way to track how expensive a stock is, is not just with respect to its peers but also based on its own PE history. Even with recent upswings in share price, around 101 Nifty500 companies have current PEs that are less than 3 year, 5 year and 10 year PE averages. This screener (subscription, but screenshot above) includes GlaxoSmithKline Pharma, Jyothy Labs, Delta Corp, and Godrej Industries among the stocks with lower PE compared to long-term averages.

It helps to look at share prices in time periods greater than a year. While stocks may look expensive at certain valuations, smart money follows stocks whose fundamentals are strong, but share price is depressed due to short-term dynamics. This may explain why some companies have been hitting fresh highs and gaining attention in the recent bullishness - this includes pharma stocks like GSK Pharma, which have recently seen an upswing.