Positive on market, prefer rate cyclicals: Nomura

Prabhat Awasthi of Nomura said, "We maintain our positive stance on the market and reiterate our preference for rate cyclicals. The market's 12-month forward earnings multiple, currently at 15.7x, is trading at a 5-6% premium to its 5-year and 3-year averages respectively, which we think is not expensive at these levels.”

He further added, “We note that consensus FY16 EPS estimates for the Sensex have been on the rise since the middle of this year."