Credit Suisse 'defensive' on market

India's automobile shares were downgraded while telephone stocks were upgraded at Credit Suisse Group, which said it was turning more "defensive" on the equity market.

Stocks in growth industries will "come under pressure in a downward trending market", Credit Suisse analysts Nilesh Jasani and Arya Sen wrote in a report yesterday. Automakers were cut to "market weight" from "overweight".

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