Mark Mobius, founder of Mobius Capital Partners, believes that because of global cues the market is down. But he's bullish on the India story and is buying Indian midcaps and smallcaps as India remains one of their top markets.

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"Populations around the world are not going to tolerate a further lockdown. Governments, I think have begun to realise this is a losing game and they cannot continue that way, which is why I believe that we will see economic recovery at the end of this year," Mobius said.

Talking about how bullish he is on the India story, he said, "India still is the biggest in our portfolios now, that was helped of course by the big surge that we have seen recently. It was among the top three even last year, but this year we are seeing India at the top of our portfolio."

He added, "We have been concentrating on the small and midcap which has been very lucky for us because of the recent orders. But we are focused on companies that has no debt or very little debt and companies that still are able to grow earnings that is really the key. At the end of the day you got to stick with companies that are going to be able to expand any downturns, any problems that you see in the economy. They will be the survivors and they will be the ones that will acquire the confidence and gain market share."