Expect modest upside to equities in 2012: BofA ML

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

Michael Hartnett, BofA ML: We expect modest upside to equities in 2012. A myriad of macro risks like the European debt, global growth and political changes, to name a few, have tempered the outlook for earnings growth and margin expansion. We believe that the outperformance of high quality growth stocks may continue. Aniruddh Dutta, CLSA: We have maintained a cautious stance towards the market during this year with an Overweight on consumer staples, discretionary, healthcare and energy. Given that we do not expect a repeat of 2008, a major part of India's underperformance is behind us and any major capitulation will be a long-term buying opportunity.