Dipan Mehta, believes the recent surge in India's cash market is not down to a frenzy, rather investors are merely playing catch-up following a long period of underperformance. Despite the fact railway and state PSUs are trading at attractive valuations, Mehta says the low leverage in the market shows its stable and moves towards these stocks are based on momentum rather than pure speculation. Mehta expects the capital goods sector to yield a high number of positive surprises while banks and autos are doing well.