Every market downturn offers an opportunity; invest in a staggered way

Sectors like banks, non-bank finance companies (NBFCs), consumer durables and non-durable players, would all make interesting bets.

For quite some time now, Indian markets have been considered as being among the most expensive among the top 20 global markets, with the Nifty even clocking a 75 per cent premium to the emerging markets (Ems). However, the recent sharp fall has resulted in correction of 79 per cent stocks by over 50 per cent, and we now stand at significant undervaluation. This means sticky price-to-earnings (P/E) has been washed away, in probably what can be deemed as the fastest decline in valuations, from near 25x trailing twelve months (TTM) to sub-17.5x. With FY20E earnings per share (EPS) at