Upgraded India to neutral from underweight: Citigroup

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

Chris Wood, CLSA: The end-game for the Eurozone still looks to be debt mutualisation. This means that in reality German demands for conditionality, in return for ECB bond buying, are likely to be increasingly diluted in practice. India justified again its new high-beta status in Asia, going from being the worst performer in the Q2 to the best performer last quarter. To justify a bigger Overweight in India now requires evidence of a new investment cycle, which is not yet evident.

Geoffrey Dennis, Citigroup: We have upgraded India to neutral from Underweight on back of sudden spurt of structural reform initiatives from the government. The reforms if implemented will be game changer for India. We have set a June 2013 Sensex target at 19900 and are Overweight on domestic cyclicals and Underweight defensives. Infosys and Ambuja Cement are amongst our 30 top picks across emerging markets.