Continue with 'buy on dips' strategy, says Prabhat Awasthi

Prabhat Awasthi of Nomura says the Indian market has generally outperformed significantly due to visible signs of a recovery in earnings growth.

He feels the market is no longer cheap on a historical basis but neither is it very expensive.

"Therefore it was more a 'buy on dips' market and we see no reason to change our view," says Awasthi.

Meanwhile, in case of Brexit impact on emerging markets, Jonathan Garner of Morgan Stanley says if Britain stays in European Union, he will expect gains of 3 percent on the MSCI Asia Ex-Japan/Emerging Markets in the short term. Markets are close to base case targets, with poor underlying earnings revisions trends, he believes.

If Britain leaves 28-member union, he will expect an initial 8 percent decline on MSCI Asia Ex-Japan/Emerging Markets as markets start to explore bear case targets.