Structurally positive on emerging markets: BofA ML

Sanjay Mookim of BofA ML said, "BofA ML is structurally positive on the emerging markets but sees risk of a correction in May. It is difficult to anticipate global macro events/fund flows but with the market now close to our year-end target of Sensex at 26,000 and a lack of conviction in the recent cyclical rally, we look to reduce risk and be tactically conservative in our positioning."He further added, "We continue to highlight the limited set of stocks that are focused on the Indian consumer like 4-wheeler/autos, discretionary, consumer banks, cement, the India agnostic basket of IT/pharma and defensives such as NTPC.""We like Bharti Infratel for expected mobile data usage growth. Two large cap underperform names with high daily liquidity are BHEL and GAIL," he added.