There are no concerns of Indian economy softening anytime soon and therefore I am confident in picking up some of these stocks. The recent slide could be attributed to profit taking and global concerns including the US markets. You would want to build your positions slowly by buying small chunks.
Also remember that Indian stocks are a long term play. Click on ticker for chart:
1. SIFY (NASDAQ: SIFY) - Diversified internet company involved with anything to do with Internet in India. Infrastructure outsourcing will benefit Sify the most.
2. Tata Motors Inc. (NYSE: TTM) - Auto pick in the booming Indian auto sector. (The lackluster earnings also caused the decline in the case of Tata Motors)
3. HDFC Bank (NYSE: HDB) - Look at my article about Citigroup possibly buying out the bank after the liberilazation in 2009.
4. ICICI Bank (NYSE: IBN) - Another pick in the red hot Indian Banking sector
5. DR. REDDY’S LAB LTD (NYSE: RDY) - Pharmaceutical pick
6. Wipro (NYSE: WIT) - Might reach single digits and would be worth picking up for a trade.
Full Disclosure: I own shares of SIFY