Expect market to drift lower: BofA ML

Here are experts equity calls for the day on how the markets are expected to trade:

Jyotivardhan Jaipuria, BofA ML: Given the poor monsoons, we expect further downside risk to our recently cut FY13 GDP growth target of 5.8% and corporate earnings. We expect the market to drift lower as higher inflation would limit rate cuts and more subsidies are expected. HUL, SBI, M&M and PNB are key stocks at risk.

Markus Rosgen, Citigroup: While investors are more open to discussions, their positioning remains very cautious. Investors in the US however are no longer averse to the notion that Asian equities may surprise on the upside but skepticism continues.