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.

* 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”.