Moneycontrol Bureau
Brokerage house CLSA has named India as its top pick among emerging markets.
“(Have) witnessed a heightened interest from global funds which are yet significantly under positioned in India,” said the CLSA note to clients
However, it cautioned of near term volatility given consensus ‘overweight’ rating by global emerging market (GEM) investors and the lacklustre corporate earnings trend.
“Our top picks remain ICICI Bank, SBI, Maruti, Grasim, Infosys, Power Grid, Bharti and ONGC,” CLSA said.
The brokerage has tweaked its model portfolio by upgrading Reliance Industries to ‘neutral’ from ‘underweight’ and increased weightage by 2 percentage points.
It has trimmed weightage of HDFC and TCS by 2 percentage points each and increased weightage of Sun Pharma by 2 percentage points.
“Reliance Industries is very much on the radar of investors and the recent stock correction has made valuations attractive,” the CLSA note said.
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