Let me put my perspective on brokerages. If one sees the avg. daily volumes in May'06 which was around Rs.46000 crs and this time, its around Rs.70000 crs. So the volumes have increased despite severe fall this time compared to May'06. Sameer Gahlaut of Indiabulls sees Sensex at 35000 by 2012, then how can one not expect significant returns over 3-5 years.
I am more bullish on Capital markets related companies than pure banks from 3 years perspective.