Bernstein sees no upside in Indian market despite slide

Bernstein said it is unable to spot a broader buying opportunity in the Indian market despite the recent slide in stock prices.

"One would think that given the significant corrections, over half the basket should be a screaming buy. The reality isn't quite so," said the brokerage in a note.

The Sensex and Nifty lost nearly 15% each since the onset of the market downturn on September 26. On Thursday, the Nifty fell 73.30 points or 0.3% to close at 22,397.20. The Sensex declined 200.85 points or 0.3% to 73,828.91.

Financial markets will remain closed in India on Friday on account of Holi. Bernstein said it would be a selective buyer in large cap stocks, especially in power and information technology.