India - Biggest underweight by more than 600 bps: Citigroup

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

Geoffrey Dennis, Citigroup: We have cut our target for the MSCI Emerging Market Index to 1100 from 1225 implying a full-year gain of 20%. We are Overweight Asia but India is the biggest Underweight by more than 600 bps. Within sectors, we have cut financials to Neutral and are Overweight staples, healthcare, utilities and telecom.

Nandan Chakraborty, Enam: The global sell-off has pushed the rupee to all time lows; however, it has also caused a correction in global crude oil prices, now at the lowest since December. The market is now trading at an attractive one-year forward valuation of about 12.5 times, which is close to its trough levels. While global winds don't augur well for financial markets in general, this could nudge the Fed towards another QE, which is good news for flows-starved Indian markets.