Mumbai :  Even as the market closed the first week of the new year in deep red, leading global brokerage Credit Suisse said it is “overweight” on domestic equities as the cyclicals are set to outperform defensives driven by the forthcoming elections.

The brokerage, however, stopped short of forecasting a Sensex or Nifty target for the year.   “Our `overweight’ call on India is based on the general elections as a potential catalyst for an inflection point in return on equities. While the polls are still months away, we believe there is support for our call on inflection point from recent EPS revisions,” Credit Suisse research analyst Sakthi Siva said. From a stock specific point its top pick are HCL Tech, Wipro, Tata Motors, RIL, Sesa Sterlite and Cairn India.

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