Market regulator Securities and Exchange Board of India cautioned investors on Wednesday against getting carried away by the recent advances in the stock market following the global economic recovery.

"The worst (of the global financial crisis) is behind, but the market should not get carried away with the euphoria," Sebi chairman C B Bhave said at a conference in Mumbai.

Sebi's remarks assume importance as the benchmark equity index, Sensex, has surged by over 75 per cent this fiscal to 16,998.78 points.

The US, Japan and the 16-nation Euro Zone have come out of recession. But doubt persists over the strength and sustainabality of the recovery.

In India, the financial meltdown saw a slowing down of the economy. Exports have dipped for 13 straight months by 11.4 per cent to $12.5 billion in October and industrial growth stood at around 9.1 per cent in September this year.

Image: C B Bhave