JPMorgan upgrades India to Overweight

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

Adrain Mowat, JPMorgan: We are upgrading India to Overweight. The macro drivers for India include decline in headline inflation, normalisation of the yield curve and progress in legislation post 2010 corruption stalemate. For now our overweight is modest due to vulnerability to higher oil prices. We are adding Unitech, Suzlon, Wipro, Tata Steel, Bharti, Power Grid to the portfolio and removing Bajaj Auto, United Spirits, Bharat Petroleum, HDFC, Axis, SBI, DLF, GAIL, NTPC, Crompton Greaves, Infosys, SAIL.

Suresh Mahadevan, UBS: Consensus FY12 earnings estimate for Nifty has been revised down by 1.1%. The downward revision has been more prominent post the disappointing Q3FY11 results. We believe that the market seems to have priced in the negative earnings momentum. We remain positive on India in the medium-term with March 2012 Sensex & Nifty targets at 22,500 & 6,800 respectively.