Reuters Market Eye - India in 2013 will be cacophonous; a mix of politics, impending elections, reforms and economic revival expectations, Citigroup said in report.
The investment bank expects Sensex to reach 20,800 by December 2013, based on premise of 9.6/12 percent earnings growth for FY13/FY14 and a valuation multiple of 14.5 times - a slight discount to its 15-16 times longer-term average.
Citi says the cyclical/risk trade that worked in 2012 should continue to be the preferred one for 2013, thereby maintaining its 'overweight' stance on banks, consumer discretionary, capital goods, IT stocks, while raising telecom to 'overweight' as well.
The bank remains 'underweight' on consumer staples, utilities, energy and materials.
Citi prefers Axis Bank (AXBK.NS), ICICI Bank (ICBK.NS), Infosys (INFY.NS), Maruti Suzuki India (MRTI.NS) and Bharti Airtel (BRTI.NS) among large-cap stocks, while its midcap top picks are Apollo Hospitals Enterprise (APLH.NS), Idea Cellular (IDEA.NS), Sun TV (SUTV.NS), LIC Housing Finance (LICH.NS) and Exide Industries (EXID.NS).
E-commerce, bags to drive Asian plastics demand growth through 2017
SINGAPORE Asian shoppers' fondness for buying on the internet along with the region's steady economic growth should boost Asia's plastics demand for the next two years.
Oil prices dip on stronger dollar; rise in U.S. crude stocks data
SINGAPORE Crude oil futures fell in early trade on Wednesday as the U.S. dollar held around three-week highs and industry stocks data indicated a build in U.S. crude inventories.
Pru's UK staff take industrial action over Mumbai job plan
LONDON Staff at British insurer Prudential are taking industrial action over plans to move 76 jobs to Mumbai from the southern English town of Reading, the Unite union said.