Nifty valuation near pre-Covid average, says Jefferies; tweaks stock portfolio

Nifty valuations have eased to near pre-Covid averages, prompting Jefferies to turn constructive on equities. The brokerage favours banks, pharma and real estate while trimming autos and cement. It sees moderate earnings growth ahead, with limited downside risks, supported by reasonable valuations and improving sector-specific outlook across markets.