"Our 27,200 December-end Sensex target is based on a conservative below-consensus 12 percent CAGR earnings growth for FY15 and FY16. However, we continue to expect the market to re-rate in the near-term on expectations of a pick-up in growth and further downside to interest rate expectations," says Prabhat Awasthi, Nomura.
He further says, Nomura remains overweight on IT services and would be buyers on dips. "Our top stock picks remain Axis Bank , ICICI Bank , SBI , YES Bank , Reliance Industries , BPCL , GAIL , Coal India , Container Corporation and Adani Ports & SEZ ," he adds.
Abhay Laijawala, Deutsche Equities says the brokerage house remains confident that India's new government will deliver on its economic agenda, which should in turn drive equity returns. Deutsche reiterates December 2014 Sensex target of 28,000, he adds.
According to him, MSCI India is trading at 1-year forward PE of 15.6x which is a 53 percent premium to MSCI EM (emerging market). "While MSCI India is trading 4 percent above its long-term average, high premium is also attributable to below-average valuations of MSCI EM," he adds.
He further says, within sectors, Deutsche has seen a sharp re-rating in industrials, materials while defensives, IT and healthcare have de-rated. "Consumer staples and telecoms, however, continue above long-term average relative PE to MSCI India," he adds.
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