1. UBS raises India’s NSE Nifty index target to 9,600

UBS raises India’s NSE Nifty index target to 9,600

UBS raises India's NSE Nifty index target to 9,600 for 2015 from its 2014 target of 8,000.

By: | Published: November 11, 2014 3:57 PM
UBS expects lower rates and reforms to drive growth recovery. (Reuters)

UBS expects lower rates and reforms to drive growth recovery. (Reuters)

* UBS raises India’s NSE Nifty index target to 9,600 for 2015 from its 2014 target of 8,000.

* Says macro and earnings data should lift markets.

* Consensus earnings growth estimates of 15 pct for FY16 and FY17 will be met, UBS says in a note.

* UBS expects lower rates and reforms to drive growth recovery

* UBS economists see 10-year bond yield at 6.5 pct by end-FY16, down from 8.2 pct currently.

* UBS remains “overweight” on banks, oil and gas, power, telecom and media stocks.

* Upgrades consumer discretionary and pharmaceuticals to “neutral” from “underweight”

* Downgrades small- and mid-caps to “neutral” from “overweight”.

* Cuts IT services to “underweight” from “neutral”.

Tags: NSE Nifty
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