The benchmark indices - Sensex and Nifty - have fallen by over 10 percent from the respective peaks. But, the recent correction has not created much of opportunities for the investors, Sanjay Mookim of BofAML told ET Now. Even the earnings revisions are the worst in the region, said he. The global brokerage maintains a target of 32,000 for December this year. Nifty forward P\/E has fallen to 16.7 times down from 18.6 times at peak and trailing P\/E for the Nifty midcap index has remain elevated, he said. The Indian stock markets opened on a marginally higher note in the new fiscal year. Earlier today, ace investor Porinju Veliyath in an interaction with ET Now said that higher earnings and better numbers will be visible this quarter. Porinju further said that private sector banks with good governance standards and low level of non-performing assets (NPAs) will do well and there are many things to look forward to. Kotak group chairman Uday Kotak had recently opined that the private sector banks will soon cover 50 percent market share in the forthcoming months. As per the veteran investor, newbies should be careful while picking up stocks as valuations are high at present. It will be tough to make money in the small midcap sectors, he said. He also put more focus on the stock selection strategy. Even though things are tough, the investors should not fully abandon the markets, he said. The benchmark Sensex and Nifty opened marginally higher today on the first day of the fiscal year. Sensex reclaimed 33,000-mark and Nifty was firm above 10,150 levels. The Indian stock markets will be steered by the result of the forthcoming RBI\u2019s first bi-monthly policy in the financial year 2018-2019, and also on the macroeconomic data and global cues.