Market expert Kashyap Pujara of Axis Capital is of the view that although the excesses of the current year have been wiped out by the current correction but the market is not in a value zone yet.

The mean multiples in the market is at 15 percent and around 10,000-10,500 seems to be a fair value zone for it, Pujara said.

"There here are headwinds like spillover of NBFCs, uncertainty over election outcome and globally, the US market is in a positive trajectory. In case one of the issues were to give a miss then historically markets have made the bottom at close to 12 multiples," he said.

“So in that context, while we are at fair value from mean multiple basis, this cannot be called out as a bottom for the market," he added.

With regards to NBFCs, he said there isn’t an issue as far as larger names are concerned. However, availability of funds and cost of funds will become dearer going forward, Pujara said.

The house is upbeat on names like Maruti and Eicher Motors because they look at it from a 3-5 year time frame, said Pujara. Moreover, the focus is on stories that have under penetration tailwinds and so even if the growth is tepid in near-term, long-term they will do well, he added.