The fundamentals needed to support a bull market in struggling Indian equities are in place, says Jefferies, but the needed catalyst - new elections and a stable government - is about a year away. Use the time to rotate out of just-downgraded staples and IT, and into industrial cyclicals and (especially) financials. Favorite stocks: HDB and IBN. ETFs: EPI, PIN. INP, INDY, INDA, INXX, SCIF, SCIN, INDL.