Fund managers hold cautious view on India: CLSA

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

Mahesh Nadurkar, CLSA: Our fund managers' survey over the last one week reveals that most expect negative returns for global equity markets and hold a cautious view on India. Most expect consumer, pharma, software & telecoms to outperform over the next 12 months while metals, banking, construction and property are the consensus underperformers. Abhay Laijawala, Deutsche Securities: India is beginning to lose some of its investor goodwill. The perception of a slowing GDP growth trend could result in a further de-rating of India's valuation multiple. However, we are not expecting FIIs to capitulate unless there is an event of significant risk. We think valuations could get reset to a level of 11-12x, corresponding to a fair value range of 14500-16000 for the Sensex.