View from the buyside: Fed-led Indian stock gains irrational, says IDBI Federal

* Irrational behaviour in stocks tracking U.S. markets rally after Fed may not last long – Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance

* Fed committee chooses to remove promise it would be “patient in beginning to normalize the stance of monetary policy”

* Says would raise rates when it feels “reasonably confident” that inflation will move toward its 2 pct goal over medium term

* Earnings growth and valuations don’t look comfortable; defensive stocks leading gains

* Indian shares rise; exporters up on bets rupee would weaken after Fed

* Emerging markets would be affected after Fed; severity for India may not be as much given deficits are “optically” under control – Srivastava

* Says not increasing positions and would churn towards defensives and cash

* Top pharma holdings include Lupin, Dr.Reddy’s Laboratories

* MSCI India is trading at 12.5 pct premium to MSCI World