BNP Paribas says it prefers stock-picking approach in India under four strategies: "disproportionate" share price declines, "some domestic risk," giving up on "chronic non-performing ideas", and buying "fundamentally good stocks with visible catalysts, even at relatively expensive valuations."
Brokerage says it is excluding Bajaj Auto , Hindalco , State Bank of India and Bharti Airtel from its model portfolio.
It says it is includeing BPCL , Petronet LNG , SAIL, PFC and Cummins India Reduces weight on Reliance Industries and Infosys .
The brokerage has increased the weight on Wipro and Tata Motors
BNP says it is "overweight" on autos and pharmas, "underweight" on consumers and banks, and "neutral" on energy, IT, and telcos.