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Christopher Wood, global head of equity strategy at Jefferies reiterate his bullish view on Indian equities on the back of a steady fall in Covid cases coupled with a sharp economic recovery in India, reports Puneet Wadhwa.
Liquidity has improved, but 20 out of 24 NBFC stocks are staring at an over 5% reduction in 12-month target prices.
'Over the next two quarters, markets will be guided by observing the earnings resilience of corporates during the second lockdown, progress of the monsoon and the damage, if any, to rural spending power due to the second wave.'
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
'When the Taliban took over there was a genuine fear that they will harm me, but right now that fear is not there.'
'Rising Covid cases and localised lockdowns are being closely monitored.'
They pointed out that Finance Minister Nirmala Sitharaman relies a lot on divestments, where the government under-performed in FY2019-20, to achieve the 3.8 per cent fiscal deficit target.
UBS, Credit Suisse see emerging markets doing well next year, but expect India to underperform, given its rich valuations.
