UBS raises Nifty's target to 9,600

UBS raises Nifty’s target to 9,600 for 2015 from its 2014 target of 8,000 and says macroeconomic data and earnings should lift markets.

Consensus earnings growth estimates of 15 pct for FY16 and FY17 will be met, UBS says in a note.

UBS expects lower rates and reforms to drive growth recovery.

UBS economists see 10-year bond yield at 6.5 pct by end-FY16, down from 8.2 pct currently.

UBS remains "overweight" on banks, oil and gas, power, telecom and media stocks. It has upgraded consumer discretionary and pharmaceuticals to "neutral" from "underweight"

UBS downgrades small- and mid-caps to "neutral" from "overweight" and cuts IT services to "underweight" from "neutral".