UBS sets NSE Nifty target at 6,900 for 2014
- Mulayam asks teaching assistants to vote SP, EC sees a 'violation'
- BJP relents to Chandrababu Naidu's demands, alliance likely to continue
- Azam Khan threatens to move Supreme Court, slams EC's relief to Amit Shah
- PMO defends Manmohan Singh, says GDP has grown three times during UPA rule
- IPL 7 Live Cricket Score, RR vs SRH: RR struggle in modest chase against SRH
UBS sets NSE Nifty 2014 target at 6,900 and says it expects the index to trade between 5,500 and 6,900 for the year based on its valuations and FY15 earnings growth estimates of 10-15 per cent for the NSE index.
The investment bank adds tapering is not a big fundamental worry for India, but a depreciating rupee may yet be a likely trend.
More than 30 per cent of Nifty earnings benefit from the depreciating rupee and this could provide some stability for overall market earnings.
UBS adds that elections are the key theme for first half of 2014 and the recent rally implies that a Narendra Modi-led BJP government is no longer viewed as a low-probability scenario. The BJP emerged as the biggest winner in four key state elections, exit polls forecast on Wednesday, a possible blow to the ruling Congress party ahead of a general election due next year.
The bank is "overweight" on Indian IT, telecommunications, media, oil and gas, private banks and power shares, while being "underweight" on two-wheelers, consumer discretionary, infrastructure and capital goods, government banks.
UBS remains "neutral" on Indian four-wheelers, rural-focused consumer staples, metals, mining and pharmaceutical stocks.
- As EC website crashes due to overload, party workers use apps to locate voters
- An entire society in Kothrud could not vote
- Chaos, anger across city over missing names
- Mulayam pushes third front, says will stake claim to PM post
- Don’t look at my candidates, votes for me: Maya to Dalits
- AAP biggies focus on Vishwas, Kejri seats, other units suffer