HSBC downgrades India to neutral
Herald van der Linde of HSBC said they had downgraded India to neutral and removed Dr Reddy's, while retaining Titan Industries.
Here are experts equity calls for the day on how the markets are expected to trade:
Herald van der Linde, HSBC: We are approaching an inflection point that will determine if financial markets, including Asia can stabilise and start an erratic recovery phase in the weeks ahead. Conversely, we could be in a lull before financial markets slump if the European fiscal crisis intensifies. We have downgraded India to neutral and removed Dr Reddy's, while retaining Titan Industries.
Sanjeev Prasad, Kotak Institutional Equities: The steep correction in global crude oil prices and reluctance of global central banks to stimulate their economies through unconventional monetary policies provide India with a window of opportunity to resolve its domestic issues. However, fair valuations, dysfunctional politics and problems in several domestic sectors prevent us from taking a more positive stance. We stay defensive.