Underweight India on valuation, growth worries:Ridham Desai

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

Ridham Desai, Morgan Stanley: If the EM effect is peaking as it appears right now, this augurs well for India's relative returns. Our GEM strategist, however, is Underweight India on valuation and growth concerns. Michael Hartnett, BofA ML: While global investors have cut growth expectations for China, EMs remain a consensus Overweight. However, if the banking crisis in Europe evolves into a global economic crisis, EM equities in particular are vulnerable to further sell-off. The dollar will be an important barometer of risk appetite over the coming weeks.