Morgan Stanley cuts Sensex year-end target to 19,720

Here are experts’ equity calls for the day on how the market is expected to trade:

Ridham Desai of Morgan Stanley: The RBI's dovish commentary last week amidst possibly the severest liquidity tightening it has initiated since 1998 has made markets even more vulnerable to global cues, especially the QE taper in the US. We see a 35 percent probability of a bear case versus 20 percent earlier. We have cut our Sensex year-end target to 19,720.

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Bharat Iyer of JP Morgan: We believe any rally in equities without rupee's participation will be short-lived. Underperformance and cheap valuations cannot be the trigger to turn bullish as earnings estimated would be very suspect. Also, valuations are in line with average, but not cheap yet.