NEW DELHI: The Indian market might be in a bear phase, but experts are already advising investors to buy into fear. This is something that is in line with Warren Buffett ’s style of investing.The ace investor once famously said, “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.” That's what value investing is all about.“First and foremost, it's important to understand that the market is incredibly undervalued right now. As the famous Warren Buffett always does, look to ‘value-invest’,” said Raghu Kumar, co-founder of RKSV.“Right now, values of many fundamentally-sound stocks are high. Yet their prices are low. Banking stocks have taken a massive blow. Capitalise on them by buying aggressively. Once the market turns around, they will rise the quickest,” he said.MSCI India's premium to MSCI Asia over the last 10 years was at 30 per cent and that has risen to 39 per cent now. For the past 10 years, Indian stocks have traded at an average PER of 18 times one-year forward earnings. At present, the same stands at 15.6 times one-year forward earnings.Most of the blue chip stocks are down in double digits from their highs, which makes a strong case for value investing. The December quarter earnings have not cheered investors, but they should pick up over the next two to three quarters, experts said.“India continues to have a stronger growth among the emerging markets and we believe that strong growth is reflected in India’s overweight position in FIIs’ asset allocation,” R Sreesankar of Prabhudas Lilladher said in a report."While the market does not give a bullish direction unless we see a significant downside in earnings in FY17, we are close to the level that offers good value on investments,” he said.The S&P BSE Sensex has plunged over 20 per cent from its record high of 30,024, which technically puts the index in a bear phase. Most of the corrections in Indian market are largely led by what is happening globally and that will continue to weigh for some more time.The short-term trend does not look all that bullish, given the fact that global growth is showing signs of slowdown, uncertainty around US Federal Reserve’s rate hike, crude glut, China jitters and relentless selling by foreign institutional investors (FIIs).There are no immediate triggers that can take the market higher at least in the near term, apart from Budget 2016. But investors who are looking at the equity market with an investment horizon of more than three years can certainly look at putting in money at current levels or on dips."If you look at the Indian market, for a long time it had run up valuations that were extremely expensive, especially in the aftermath of the Modi election. We saw that a lot of stocks were very rich across sectors and that has come back to normal range,” said Sandeepa Arora, President, IIFL Capital."We are still not seeing the market being very cheap. But this is a market where opportunities are emerging, especially in the largecap space. Some of the stocks are actually starting to look extremely attractive and we are advising clients to look at those stocks and invest in them selectively,” said Arora.The only thing supporting our market is our macros, which have become better in the past 3-4 years thanks to falling crude oil prices, which are trading at a multi-year low.This is also reflected in our currency, which was relatively stable compared with other emerging market currencies all through 2015, but has been losing ground in 2016, already down over 2 per cent against the US dollar so far this calendar."India’s growth rate has been phenomenal, and considering how it fared so well despite the global meltdown, it shows how well positioned our economy is,” said Kumar of RKSV. “Sentiments rule market. Right now, due to what's happening in the west, we have been witnessing a selling frenzy," he said."Investors should diversify their portfolios to bet big on a few fundamentally sound smallcap stocks. The BSE Smallcap index has fallen almost 20 per cent. The index follows the Sensex. When the Sensex picks up, the smallcap index will pick up faster. Be sure to capitalise on that movement,” said Kumar.