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From the side-lines of the Edelweiss Conference in Singapore, Aditya Narain, Head of Research at Edelweiss Securities said mood in the market remains robust and he sees fair amount of confidence in the market.
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The report said while supply side has undergone a structural change, reform momentum is well above its historic past and more aggressive than emerging as well as global peers.
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Speaking to CNBC-TV18, Gautam Chhaochharia, Head of India Research, UBS Securities, said the markets expect changes to the corporate tax regime and have already digested it,
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In a freewheeling discussion with CNBC-TV18, Aditya Narain, Managing Director at Citi; Jairam Sridharan, Chief Financial Officer, Axis Bank and KVS Manian, President-Corporate, Institutional and Investment Banking, Kotak Mahindra Bank say they‘re bullish on the banking sector and share their views on the issue non-performing loans.
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Aditya Narain, Citi believes the market needs earnings support and direction to gain some legs. According to him, earnings beats could well surprise more than earnings misses.
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Aditya Narain, MD & India Strategist, Citiupbeat on Indian equities and expects 20 percent upside for the market by end of 2016.
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Top banking picks are Axis Bank, HDFC Bank, ICICI Bank, SBI, Yes BANK, Kotak Mahindra Bank and IndusInd Bank, says Narain.
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Aditya Narain, Citi revises Sensex target to 29,300 for June 2016 against 35,000 earlier and introduce a December 2016 target of 32,000, benchmarked off a 1-year forward P/E of 16x.
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Ahead of earnings season Aditya Narain of Citi estimates earnings growth over FY16-18 to be at 8.8 percent, 18 percent and 17 percent respectively. Also, he does not see earning levels changing materially.
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The market has very little appetite for big misses, disappointments and corporate governance issues, says Aditya Narain, MD and India strategist at Citi. "While it is a good market, it is not good enough to overlook such issues," he adds.
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Aditya Narain, Citi said the market will have to be patient but H2FY16 on he believes there are more upgrades than downgrades.
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We see India getting more hedged on flows, and along with the business and macro cycle ahead, remain positive with a Sensex target of 33,000 for December 2015, says Aditya Narain of Citi.
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“We stay positive and maintain Sensex target of 33,000 by December 2015,†said Aditya Narain, Citigroup.
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With the launching of wide ranging eco socio schemes like Jan Dhan, Swachh Bharat, Make in India ,Digital India , India is witnessing more than reforms. Citi's Aditya Narain cites the example of Budget wherein Finance Minister Arun Jaitley has strongly pushed for transformative agenda further.
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In an interview to CNBC-TV18's Latha Venkatesh & Sonia Shenoy, Aditya Narain of Citi gave his take on Arun Jaitley's Union Budget and his outlook on the road ahead.
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"While FIIs continue to be the most aggressive, they all get a more cyclical bias. FIIs in October-December 2014 built on banks and scaled back on IT, pharma and staples," says Aditya Narain, Citi.
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Aditya Narain of Citigroup expects Sensex to touch 33,000 by December 2015.
Also Ridham Desai of Morgan Stanley has a Sensex target of 32,500 by December 2015.
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“We remain positive on the Indian market, and maintain our 31,000 Sensex target for December 2015,†says Aditya Narain, Citigroup.
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"While we remain comfortable with our market view of 31,000 on the Sensex by December 2015, the market will have to earn its way there," says Aditya Narain, Citigroup.
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The election results remain uncertain and challenging to call, we retain our December 2014 Sensex target at 21,800, says Aditya Narain of Citi.
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"Even if the FM does beat the fiscal deficit number, it is coming at the expense of expenditure per se, that is not necessarily market will like that much," Aditya Narain, India Strategist, Citi said.
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We continue to prefer exporters, and private banks among rate cyclicals, but remain cautious on domestic growth cyclicals. Our Sensex target for Mar-end 2014 is 22,000, says Prabhat Awasthi of Nomura.
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Aditya Narain, MD & India Strategist of Citi has a neutal stance on the banking sector.
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In a research note, authored by Narain, Citi expects India to go back to its old normal i.e. trading at 12.5x PE as opposed to 14.5x currently. It has revised its Sensex year-end target to 18,900 versus the 20,800 earlier.
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Aditya Narain of Citigroup says his year-end Sensex target stands at 20800. "We do not see this quarter earnings as being decisive for market direction," he adds.
