At current valuations of 14.5-15x consensus FY15 earnings, valuations are not undemanding. Most of the defensive stocks are richly valued, whereas stocks with low valuations do not have adequate growth visibility. Thus, we continue to recommend a selective and balanced approach towards sectors. We do like select stocks in sectors like IT, Media and private sector banks. Within beaten-down ‘domestically-oriented’ and ‘investment-led’ sectors, one can look at stocks having strong balance sheets and ethical managements.