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REFILE-MARKET EYE-Crisis unlikely for Indian stocks-Credit Suisse
April 9, 2013 / 11:48 AM / 4 years ago

REFILE-MARKET EYE-Crisis unlikely for Indian stocks-Credit Suisse

(Correct typo in headline)
* Credit Suisse says Indian stocks are unlikely to face a crisis
and recommends selective bargin-hunting, despite what it notes
is "extreme defensiveness" in market consensus.
* "Market consensus has now veered towards extreme
defensiveness, and phrases like 'currency crisis' and 'meltdown'
are being bandied about," Credit Suisse writes in in a note
dated on Tuesday.
* "But we also believe a crisis is unlikely: bargain-hunting
selectively makes sense."
* Indian fell for a fifth consecutive session on Tuesday on
concerns that foreign investors are paring their holdings ahead
of what are expected to be lacklustre earnings reports this
month. 
* Credit Suisse says the broader market "doesn't look attractive
yet" given its expectations for around a 10 pecent downside in
fiscal 2014 earnings and the continued chances of meaningful
corrections in large sectors such as financials.
* However, the investment bank recommends selective buying in
stocks and highlights its preference for NTPC Ltd,
Cairn India Ltd, Ambuja Cements Ltd,
Reliance Industries Ltd, and Sterlite Industries
(India) Ltd.
* Credit Suisse also says its prefers Tata Motors Ltd 
HCL Technologies Ltd and Bank of Baroda.

 (rafael.nam@thomsonreuters.com /
rafael.nam.thomsonreuters.com@reuters.net)

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