Citigroup still underweight on India

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

Geoffrey Dennis, Citigroup: EM equities have de-rated since the end of 2010, a 10% discount to their recent averages. We look for renewed re-rating over the rest of this year. EM equities are back to an attractive 14% discount to DM equities. We are still Underweight India. Parul Saini, RBS: We remain buyers of Indian equities though the recent run-up in oil prices is a concern. We believe that margin compression, which we expect in Q1, should indicate to the RBI that corporate pricing power has weakened. This supports our view that monetary tightening is close to its end. Meanwhile long-term foreign money is coming back to emerging markets including India.