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Stay defensive in Indian stocks: UBS

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Reuters Tokyo
Last Updated : Jan 25 2013 | 4:04 AM IST

UBS advises investors to stay defensive in Indian stocks, arguing valuations for the Nifty at 12.9 times 1-year forward P/E "are not cheap."

Looking at its model portfolio, the investment bank remains "overweight" on consumers, pharmas and defensive power stocks; "neutral" on IT; and "underweight" on autos, banks, cements, materials, and oil & gas.

UBS says it has also turned "underweight" on infrastructure stocks by cutting the weighting of BHEL and Larsen & Toubro .

The investment bank adds Nestle in place of Dabur India in its model portfolio, while adding Phoenix Mills and removing ICICI Bank .

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First Published: Aug 30 2012 | 1:04 PM IST

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