Mkt looks expensive vs major regional peers: Nomura

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

Prabhat Awasthi, Nomura Fin Advisories & Sec India: Valuations lack earnings support and face headwinds from expected slowdown in growth momentum in the near-term. The market also looks expensive compared to major regional peers. Our top buys include M&M and Pantaloon, as consumption and rural demand plays, and Tata Steel & Cairn for their exposure to global commodity prices. Ambuja Cement & HPCL are our top Reduce calls.