Brokerage house Citi says it remains “constructive” on the market with a Sensex target of 28,800. It expects an aggregate Sensex earnings growth of around 13 percent for the current financial year. “Earnings upgrade cycle is key to sustaining valuations that otherwise look slightly stretched at 17-18 times forward earnings.
Also, relatively the market looks ok – considering growth/RoE expectations vs other EMs,” says the Citi note. Among large caps, Citi is bullish on Axis Bank , Aurobindo Pharma , HDFC Bank , M&M and Ultratech . In the midcap space, its top bets are Apollo Hospital , Container Corporation , Emami , Exide , and Gujarat State Petronet .
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