UBS has advised investors to stay defensive in Indian stocks, arguing valuations for the Nifty at 12.9 times 1-year forward P/E "are not cheap."
Looking at its model portfolio, the investment bank remains "overweight" on consumers, pharmas and defensive power stocks; "neutral" on IT; and "underweight" on autos, banks, cements, materials, and oil & gas.
UBS says it has also turned "underweight" on infrastructure stocks by cutting the weighting of BHEL and Larsen & Toubro.
The investment bank added Nestle in place of Dabur India in its model portfolio, while adding Phoenix Mills and removing ICICI Bank.
Copyright Thomson Reuters 2012
Looking at its model portfolio, the investment bank remains "overweight" on consumers, pharmas and defensive power stocks; "neutral" on IT; and "underweight" on autos, banks, cements, materials, and oil & gas.
UBS says it has also turned "underweight" on infrastructure stocks by cutting the weighting of BHEL and Larsen & Toubro.
The investment bank added Nestle in place of Dabur India in its model portfolio, while adding Phoenix Mills and removing ICICI Bank.
Copyright Thomson Reuters 2012
