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Morgan Stanley Focus List: Indian Stock Picks for 2011

Trades and Themes for 2011 *OverWeight (OW): Energy, Industrials, Materials, Telecom, Utilities *Underweight (UW): Consumer Discretionary, Consumer Staples, Financials, Healthcare, Technology Catalysts *Global risk appetite: China, Europe, & US growth *Growth indicators & corporate fundamentals *Inflation *Sentiment

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