Brokerage house UBS expects corporate earnings growth in the current quarter also to be muted, but is advising clients to buy on weakness. UBS is bullish on cyclical stocks and banks, and bearish on automobiles and FMCG companies.
We remain positive given our expectation of continued government efforts to revive the economy, along with fiscal consolidation. The latter could dampen economic activity near term, so there might not be a seasonal uptick in Q4," said the UBS note to clients, adding "we would view corrections as a buying opportunity."
In UBS's assessment, third quarter numbers were broadly below market estimates, but the coming financial year could be better as management commentary was "'less pessimistic."
"Management commentary suggests a hopeful outlook for FY14. The capex outlook seemed less pessimistic than in the past few quarters, but was still largely non-committal. Banks' (more so government banks, ex SBI ) asset quality trends stabilised, with fresh slippage and gross NPA down," the note said.
UBS is bullish on Adani Ports , SBI and L&T . It has rated HUL and Jubilant Food as the "least preferred."
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