Sensex up over 150 pts, Nifty hits 9900; Nilekani lifts Infosys 4%

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Sanjay Mookim of Bank of America Merrill Lynch said in Indian equities at the moment, one may buy a good business or a good price.

There is currently no overlap amongst the two sets, according to him.

"Value may work as the market corrects in absolute terms yet we continue to favor good businesses. We are overweight banks, staples, and cement," he said.

MSCI India currently trades at 17.8x 1-year forward earnings but the headline masks excesses in mid caps and domestic facing sectors, he added.

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