Expect market to correct 6-8%: Jyotivardhan Jaipuria

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

Jyotivardhan Jaipuria of Bank of America Merrill Lynch: Our base case has been that markets will be rangebound in the 18,500-20,500 range as weak economic and earnings growth caps upside while hopes of rate cuts and policy measures protect the downside. Markets rallied sharply since Raghuram Rajan took over as RBI Governor, rising 9 percent since September 4 and is now trading near the top end of the range. We expect markets to correct 6-8 percent from current levels as RBI's credit policy belies the high market expectations.

Also Read - Good news for emerging markets: 'Multi-week rally' may loom

Adrian Mowat of JP Morgan: The Fed is allowing investors to 'temporarily' relive the happy days of QE-driven emerging market (EM) bonds and equities. It is temporary as normalisation in rates is still likely to be a 2016 event. The Fed's dovish bias adds to our conviction that EM equities will rally for the balance of 2013. The switch to bullish EM equities was built on bearish positioning and improving cyclical data in EMs.