Valuations are beginning to look reasonable and downside from current levels is limited, Sanjeev Prasad of Kotak Institutional Equities tells CNBC-TV18.
Colquhoun added the ratings agency will assess the next government's policy strategies will be important to determine the country's future sovereign ratings.
Nitin Rakesh, president, Americas - Syntel Inc says that the market is expecting measures to ensure fiscal discipline and the provision of a reform roadmap in the Budget.
CRISIL Research, India’s largest integrated and independent research house, identifies fiscal discipline, productivity improvement and petroleum pricing reforms as the three key steps to pull the Indian economy out of the high-inflation trap.
Finance Minister Pranab Mukherjee indicated that Indian government will return to fiscal discipline in the coming Budget, after following policies of stimulus and expansion in the last two years.
Japanese leaders vowed on Friday to push ahead with tax reforms needed to rein in bulging public debt, but doubts persisted over whether the government could succeed in the face of a divided parliament.