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Goldman Sachs upgrades Indian shares to 'overweight'

Source : REUTERS
Last Updated: Tue, Mar 18, 2014 05:26 hrs
​Happy bse

Goldman Sachs upgraded Indian shares to "overweight" from "marketweight" and raised its target on India's NSE index to 7,600, citing reduced external vulnerabilities, including a narrowing current account deficit, and potential for gains ahead of elections that conclude in May.

* NSE earlier rose as much as 1.1 percent to a record high of 6,574.95. Markets were closed on Monday for a public holiday.

* The investment bank added it favours cyclicals over defensives because of expectations of an improving economy and a bottoming out of earnings, according to a report dated on March 14.

* It also recommended investors to focus on potential election beneficiaries in these markets.

* It upgraded auto stocks to "overweight", while retaining the same rating on IT and energy stocks.

* Goldman said Oil and Natural Gas Corp, Coal India , NTPC and Bharat Petroleum Corp as public sector companies that could be key election beneficiaries.

* Among private sector shares, ICICI Bank, Larsen and Toubro, UltraTech Cement, JSW Steel , Indusind Bank NS> and Voltas were seen by Goldman as gaining from elections.


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