Rakesh Arora, Macquarie said the market has bounced back since hitting recent lows & there are visible signs of rotation into banks & out of defensives.
According to him, along with the reporting season, resumption of the parliament session on April 20 and particularly the Land Bill, will dictate the market's direction. He expects further consolidation; recommend buying on weakness.
Meanwhile, Jonathan Garner, Morgan Stanley said he is currently overweight on India in his country quant model, as cyclical GDP improvement & reform agenda will lead to a new earnings growth cycle.
“We don't expect similar reform or cyclical pick up in GDP in South Africa where we remain underweight,” he added.
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