• India's GDP growth trajectory since 1980 has been less influenced by the ruling party
• We see the BJP-led govt focusing on job creation, Global manufacturing hubs, improve ease of doing business
• We see no clear evidence to support earnings upgrades across sectors
• Don't see Fll flows as a support factor
• If SIP support doesn't hold then we see further downside over the next six months
• Like large caps: HCLT, SUNP, HUVR, HERO, HDFCB. Stocks we still fundamentally like and recommend adding in this pullback with a 2-3 year view: Cummins, Bharat Electronics, Delhivery
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