China devalues: Time to exit the Indian commodity play?

Just as the Indian government tries to make an effort to push manufacturing with its 'Make in India' initiative, a move that was expected to help export stocks, China today said it was devaluing the yuan by 2 percent.The move by the world's second largest economy, which has pegged its currency to the US dollar since 2008, is expected to give a competitive advantage to its exports over others.Following the announcement, shares in a lot of commodities and export-facing companies fell in trade today -- pressured as they already were following the weak business cycle.Tyre companies, for instance, are said to be facing Chinese tyre imports that cost less than Indian companies' raw material cost.In an interview with CNBC-TV18, market expert Ajay Bagga, Centrum's Abhishek Anand and Kunal Bothra of LKP, discussed a number of stock and sector ideas in light of the latest event.Please watch video for the full interview.