Risk-reward still appears unfavourable: BofA ML

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

Michael Hartnett, BofA ML: We remain cautious on global equities as the risk-reward still appears unfavourable. We continue to believe a sustained equity rally needs a substantive and credible policy response to the recent weakness. As such, we recommend defensive positioning until policy decisions put upward pressure on bond yields and arrest declines in GDP, growth and EPS downgrades abate. Ridham Desai, Morgan Stanley: Even as global events are unfolding, it may still be early to assess the exact impact on India. We are still in a stock-pickers' market. The market seems fairly indiscriminate in most parts in the way it is selling off stocks. We remain focused on domestic cyclicals versus global cyclicals. Our top picks include Dr Reddy's, Infosys, L&T and M&M.