We remain optimistic on Indian equities over the medium to long term horizon and feel that any correction / consolidation at this juncture should be considered as a healthy buying opportunity. With continued bold reforms by the Government and anticipation of growth revival, India would remain amongst the preferred investment destinations for global investors. Amongst the sectors, we remain bullish on Banks / NBFCs, FMCG, Agri, Auto, Auto-ancillary and Consumer Discretionary space. Moreover, despite the fact that valuations have become reasonable across most of the large-caps / mid-caps in the IT and Pharma sectors, investments in these are only for the patient long-term investors.