FIIs, DIIs remain overweight on local sectors: JPMorgan

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

Bharat Iyer, JPMorgan: FIIs have significantly reduced their overweight in financials from over 8.1% to 5.3% over the last quarter. Despite the recent sectoral rotation, both FIIs and DIIs remain overweight on local sectors, thus indicating their structural bias. We have been recommending an overweight stance on global sectors for the early part of the year and buying into the weakness in financials and industrials for a recovery in the second half of 2010.