Underweight banks, materials: CLSA

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

N Krishnan, CLSA: The market has run 11% from its February lows even as macro risks relating to high crude prices and inflation have risen. While the pattern of flows in Q1 suggests that foreign investors are principally in for the longer-term, from a portfolio standpoint, some reduction in risk is warranted. We are Underweight banks, materials while we are Overweight consumer discretionary.

Geoffrey Dennis, Citigroup: Apart from rising oil prices, end of QE2, fears of Fed tightening and dollar rebound, earnings momentum slowing is an additional worry for EM investors. However, we do not expect earnings downgrades to derail the bull market in EMs in the near-term.