Reuters Market Eye - UBS remains bullish on Indian shares, but says returns in 2013 would be front-loaded as first half would be supported by an easing rate cycle and on expectations of a "market-friendly" budget for FY14.
The investment bank turns 'neutral' on IT services stocks from 'overweight' earlier, as it increases weight on Infosys (INFY.NS) and adds Wipro WIPRO.NS to its model portfolio.
"Recent Infosys and TCS (TCS.NS) results may point towards some signs of a relief in offshore spending and an incrementally improved environment for Indian IT," UBS said in the report.
The bank turns 'neutral' on metals stocks from 'underweight' as it adds JSW Steel (JSTL.NS) and Tata Steel (TISC.NS) to its model portfolio, citing positive trends in steel prices and a pickup in construction activity.
UBS also increases weightage on Reliance Industries (RELI.NS) ahead of its December quarter earnings on Friday, thereby turning 'overweight' on the petrochemical sector from 'neutral' earlier.
(Reporting by Abhishek Vishnoi)
Trending On Reuters
Overwhelmed doctors moved hundreds of patients onto the streets of Nepal's capital on Sunday when aftershocks rattled hospitals and buildings already damaged by an earthquake that killed more than 2,400 people and devastated Kathmandu valley. Full Article | Slideshow
RBI chief Rajan calls for formal financing routes for farmers - report Full Article