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Money Aug 30, 2012

Stay defensive in Indian stocks, advises UBS

UBS has advised investors to stay defensive in Indian stocks, and argued that the valuations for the Nifty at 12.9 times 1-year forward "are not cheap."

After having looked at its model portfolio, the investment bank has remained "overweight" on consumers, pharmaceuticals and defensive power stocks; UBS is neutral on IT stocks and "underweight" on autos, banks, cements, materials, and oil & gas.

Reuters

UBS has said that it has 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, it also added Phoenix Mills and removed ICICI Bank .

Reuters

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