Comparison of two-year rolling returns of Nifty IT and Nifty 50 over the past 20 years suggests that Nifty IT has never outperformed Nifty 50 for more than ~2.5 years (vs ~3.5 currently). Nifty IT has seen the highest rerating among all indexes from 17x in Dec’19 to 28.6x now (+68%) vs Nifty 50 multiple expansion of just ~8%.