Nomura remains cautious on Indian market

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

Prabhat Awasthi, Nomura: Despite the 12% decline in the Sensex Year to date and underperformance relative to regional peers, we remain cautious on the Indian market. At 14 x 12-month forward earnings we do not think that the market offers an attractive risk-reward at current levels, in light of the substantial macro headwinds and sub-par earnings cycle.