After such a massive run, either you should have a consolidation or a little bit of a dip. So, while long-term structural story looks good as far as India is concerned, short term I personally would be a little cautious in deploying fresh capital.
At some point in time, say a year back, some of these companies had more than 50% net cash on their balance sheet and they were available at three and four PE multiple.
The Nifty Auto index has rallied more than 3000 points in four months and scaled a record high of 15,471 points on Thursday. The sector has seen foreign inflows for six months in a row till June.