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    Q1 of 2011 will be difficult for Indian investors: JPMorgan

    We expect equity returns to be largely driven by earnings growth and not multiple re-rating, says Adrian Mowat of JPMorgan.

    January 18, 2011 / 08:49 IST

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

    Adrian Mowat, JPMorgan: The first quarter of 2011 will be difficult for Indian equity investors. Macro uncertainties of domestic inflation, rising global commodity prices and a volatile political situation are not conducive for equities performance. Our year-end Sensex target is 23,500. We expect equity returns to be largely driven by earnings growth and not multiple re-rating. Our top picks include ITC, Sterlite and M&M.

    first published: Jan 18, 2011 08:47 am

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