We are positive on a range of domestic cyclical stocks and quality mid-caps where there is still upside left in terms of value and where earnings outlook remains strong. Amongst sectors we like, banking is one of the preferred sectors as plays on the overall economic revival story. We like both private and PSU banks – private banks in anticipation of continued structural market share gains and PSU banks as beneficiaries of improving asset quality and lower interest rates. We also like stocks in the tyres and auto ancillary space owing to recovery in auto sales volumes and improving margins. We are positive on cement stocks, on similar expectations of economic revival and more specifically, pick-up in infrastructure and construction activity due to the government’s focus. We particularly like smaller regional cement players as their valuations still look compelling.