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UBS has cut target for the NSE index to 9,200 from 9,600.
It cited cuts in earnings estimates as key reason for reducing the target.
Growth recovery is slower than expected and is playing out in quarterly corporate results, UBS said.
"Hereon, actual earnings and macro data points will matter increasingly," UBS analyst Gautam Chhaochharia and Sanjena Dadawala wrote in a report. “Most preferred stocks include Bharti Airtel, Coal India, HDFC Bank, and ITC.”
Mid-cap picks include Multi Commodity Exchange of India and Info Edge India, it added.
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