"India is still looking viable from equity investment perspective and as long as that continues, huge amount of collapse in the market might not happen," said Prabhat Awasthi, Head of Equity Research of Nomura Financial Advisories and Securities Pvt. Ltd. in an interview with India Times today.

He said that the conditions of other emerging markets are significantly worse than that of India. He cited reasons such as India's inflation and fiscal rate decline. He suggested that because of the two reasons, India's economy is only part of a global phenomenon.

To prevent a market collapse, India should look for good equity investments, he said.

He noted that pharmaceutical stocks have long been overweight, and that the continued strong performance of businesses in the industry has kept the revenue stable.

"So not only has the rest of the market fallen off the cliff, fundamentally, here is a sector where the sales growth and the profit growth has held course," said Awashti.