The Indian stock market is trading at high valuations as the popular iShares MSCI India Index ETF (INDA) is currently trading close to 52-week highs. For investors looking for value in the Indian market, some of the capital goods sector stocks like Larsen & Toubro (LTOUF), Thermax (THXXY), Cummins India (CMQMY) and Kennametal Inc. (KMT), look very cheap. At the current price, INDA ($35) is just too expensive, considering that there is a lot of economic and political uncertainties which are going to affect consumption, investment activity and thus corporate earnings going forward.