Macquarie Research =We think the markets will now refocus on fundamentals, with the headwindsfacing the economy remaining strong. Inflation is expected to remain in doubledigits until the middle of next year, and interest rates are expected to rise afurther 100bp. In that scenario, we advise caution and believe investorsshould stay defensive with Tata Power, Tata Steel, Bharti Airtel, AbanOffshore and BHEL being our top picks. Our top sells are Hero Honda,Hindustan Unilever, ICICI Bank and State Bank of India.
Thursday, July 24, 2008
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