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The InCred Asset Management fund manager expects sectors such as IT, Healthcare, Manufacturing, and Consumer Discretionary to drive the next leg of the rally in the Indian markets. He believes that the markets are fairly valued at the current levels and that returns will depend on earnings growth. Sood also advises investors to stay disciplined and avoid over-exuberance in sectors with unfavorable risk-reward ratios.

Equity markets closed the month of September on a high with both Sensex and Nifty, rising 0.5% each on Friday.

Anand James, Chief Market Strategist at Geojit Financial Services, suggests that the Bank Nifty index could find new leaders as over 50% of its constituents are still above the 50-day moving average. He also believes that the index is due for a bounce back and expects a breakout in the latter part of October. James discusses the prospects for Nifty and HDFC Bank, stating that a recovery attempt may be made but a vertical rise is unlikely. He also provides stock picks for the week ahead, including Granules and Eveready.

“India at this time is going through a phase when nations go over the $2,000 per capita income threshold and this we have seen in Korea, in Japan, in Malaysia, in Singapore, everywhere. When a country cross the $2,000 per capita threshold, the next decade experiences an explosive growth in premium retail.”

A last-minute deal to avoid a government shutdown kicks one immediate risk a little further into the future. But a major auto strike, the resumption of student-loan repayments, and a shutdown that may yet come back after the stop-gap spending deal lapses, could easily shave a percentage point off GDP growth in the fourth quarter.

"Trading in the shares of China Evergrande Group will be resumed at 9:00 am today," the statement said.

On Monday, the U.S. dollar rose to a 10-month high against a basket of major peers after the U.S. government avoided a partial shutdown and economic data fuelled expectations the Federal Reserve will keep rates higher for longer, which could slow economic growth.