UBS lowers Sensex target to 21,000

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Here is expert equity call for the day on how the markets are expected to trade:

Suresh Mahadevan, UBS: We are reducing our Sensex target to 21,000 from 22,000 as our bottom up FY12E earnings growth dropped to 19% from 25% earlier. Combination of several positive factors such as a good monsoon, government policies, a better fiscal situation, lower inflation outlook and earnings growth may provide the impetus for markets to move closer to our target. We are overweight on agro-chemicals, cement & infrastructure.