Domestic markets traded volatile amid global uncertainty regarding the Greece financial crisis & the US Fed rate hike along with domestic factors like a subdued monsoon forecast and the hawkish tone in the RBI monetary policy. From a sectoral perspective, we are positive on auto, cement and capital goods (cyclical recovery in earnings aided by lower input costs and declining interest rates will provide strong operating and financial leverage). We have a neutral rating on IT, pharma and consumers (rich valuations amid moderation in earnings) while we are negative on metals, oil & gas and real estate. Going ahead, we expect Sensex earnings to grow at ~18.3% each in FY16E and FY17E to Rs. 1608 and Rs. 1901, respectively. Hence, we assign a P/E multiple of 16.5x on FY17E EPS to arrive at a fair value of 31400 by end CY15 with the Nifty reaching 9400.