In dollar terms, the Indian equity markets are still down 40 per cent from their highs adjusted for the weakness of the currency. I think markets may rally somewhat further.
I think investors must realise about India that index stocks are not that cheap; they are quite expensive from a valuation point of view. You have many sectors in the economy that are depressed in valuation, I think the index will not do that much going forward, but some of the stocks will do well.
