UBS Equity Research is Bullish on India and here is what they had to say in a Note,
"Markets may consolidate after the run up but significant downside may be limited, in our view. We remain bullish on Indian equities as current valuations are not expensive in our view and growth recovery hopes will likely ensure premium valuations. Our Nifty target for end-2014 is 8000. As of Jun’14, FIIs own c26% in MSCI India/Nifty stocks and own c.50% of the free float. FIIs can still buy c$150bn worth of stocks in the MSCI India with the largest room (FII ownership limit minus the current FII holding) available in IT Services, Oil & Gas, Banks, Telecom, Consumer Staples and Metals & Mining."
