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Bad news on policy has stopped, though volatility from weak developed world could keep pegging back Indian equities, the investment banker said in a note.
Inflation data is already moderating, setting the stage for monetary easing, and going into 2012, earnings have support from low gross margins, low operating leverage and peaking capital costs, it said.
Major sectors to avoid are materials and state-owned banks and top picks from its focus list include Infosys, Mahindra & Mahindra, Dr Reddy's, ICICI Bank, IRB Infra ZEE Entertainment and Coal India.
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