Morgan Stanley and CLSA, two of the most respected brokerages on Dalal Street, are taking a cautious approach to India’s stock market in the current year due to a host of reasons that include the upcoming Lok Sabha polls, cues from the US market, geopolitical factors and relatively higher valuations. In its report, Morgan Stanley said although recent state polls signal that the BJP-led coalition will come back to power after the Lok Sabha polls, yet till the results are out the Indian market will remain volatile.
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