UBS turns bullish on Indian equities

We believe it is time to add beta and turn less defensive on Indian stocks,said UBS in a note.

Written by Agencies | Published:January 25, 2012 11:41 am

UBS has turned more bullish on Indian equities saying the Reserve Bank of India’s (RBI) 50-basis point (bps) cut in the cash reserve ratio (CRR) for banks on Tuesday marks a turn in India’s monetary cycle.

We believe it is time to add beta and turn less defensive on Indian stocks,said UBS in a note on Tuesday.

The bank raised rating on infrastructure stocks to overweight from underweight and real estate to overweight from neutral.

The bank also turned underweight on consumer and pharmaceutical stocks,and neutral on banks and auto stocks from underweight. Key additions to model portfolio of the bank include ICICI Bank ,State Bank of India,Larsen & Toubro ,Tata Power,Prestige Estates,Phoenix Mills and Asian Paints.

Bharti Airtel,Federal Bank,ICICI Bank,L&T and Mahindra & Mahindra are its top buys.

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