Local retail flows bullish for India near-term: UBS

Retail flows into Indian equity market look bullish in the near term and indicate that the recent market strength may continue despite the expected sharp earnings decline ahead, says an UBS report.

The global brokerage firm believes that the flows could drive markets up in the near-term but has retained the year end Nifty target at 8,800.

In its upside scenario, UBS expects Nifty to touch 9,700 as long as there are no global macro shocks; declines in global risk appetite; immediate local “negative catalysts” such as UP elections and fourth quarter of 2016-17 earnings, which is expected to disappoint.

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