RBI's policy is a radical shift with little back-down option for a while. It
eliminates new policy drives with a new governor. The currency line in sand
would likely be tested multiple times; at each point, risks of either unforeseen
monetary activism and/or failure would keep markets nervous. We downgrade
financials to UW and increase weights for defensives (staples) and exporters
(IT), in anticipation of more export-friendly policies