RBI flags risk of bubble in Indian equity markets File photo The Reserve Bank of India (RBI) on Thursday said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the "risk of a bubble". In its annual report for 2020-21, RBI noted that India's equity prices have surged to record highs, with the benchmark index Sensex crossing the 50,000 mark on January 21, 2021 to touch a peak of 52,154 on February 15. This represents a 100.7 per cent increase from the slump just before beginning of the nationwide lockdown (since March 23, 2020) and a 68 per cent rise over the year 2020-21.