India's benchmark index is tarding at attractive valuations and can reach 18,500 by end of 2012, says BNP Paribas.
"We expect Sensex to trade in a range of 14,000-19,000, with negatives largely discounted," said BNP Paribas Securities India in a note. The bank is more bullish on defensive stocks in its model portfolio for 2012.
It is overweight on telecom, auto and utility companies as they have visible cash flows and earnings visibility. It has downgraded IT to 'underweight' as it thinks the rupee's depreciation benefits have played out.
It remains underweight on metals and energy due to uncertainty in global macro outlook and FMCG due to expensive valuation.
"We expect Sensex to trade in a range of 14,000-19,000, with negatives largely discounted," said BNP Paribas Securities India in a note. The bank is more bullish on defensive stocks in its model portfolio for 2012.
It is overweight on telecom, auto and utility companies as they have visible cash flows and earnings visibility. It has downgraded IT to 'underweight' as it thinks the rupee's depreciation benefits have played out.
It remains underweight on metals and energy due to uncertainty in global macro outlook and FMCG due to expensive valuation.
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