>No need to rush in(KOTAK SECURITIES)

No need to rush in: 1QFY10 results belied hopes of earnings upgrades unlike in 1QFY10 and we have cut FY2010E 'EPS' for the BSE-30 index by 2.9% and 2.8%. 2Qfy10 bse-30 index earnings were largely in line with our expectations (+ 0.6% ahead). Overall earnings declined 0.3% yoy while the BSE-30 index (ex-Energy) declined 0.5%. We do not see any urgency to buy on the recent sharp correction in the Indian market, the market is only fairly valued now.

To read the full report: INDIA STRATEGY