This is an issue of the market. Not a credit issue as many believed.
Quality of the investors matters. If you are a new investors, you first go and buy safe companies. Here is complete opposite. You can see from the comments of the people here. I made this point so many times in my previous posts.
Valuation issue if prominent. Investors look at relative attractiveness. If go by PE ( which is not the sole criteria), SL 15.3 TTM, India 14.0 TTM & China 12.5 TTM. Both are having higher growth rates than us , and more inconstantly for over a few decades. Having some PE over 100 is common, thats why you talk about market PE which is an average figure, so no qualification is required.
Fundamental issue - how many companies are reporting gains in net profits adjusted for one time- capital gain,savings from taxes & finance cost?