Jefferies says India's Nifty poised for near-term bounce; prefers metals over IT, pharma

** Indian market is poised for a near-term bounce, says Jefferies, making changes to its India model portfolio

** Cites Nifty's NIFTY valuations near long-term averages, government spending, RBI easing, and strong domestic inflows as reasons for the potential rise

** Nifty is down 15% since hitting record peak in September

** Brokerage expects banks, non-bank lenders, autos, property, and power to fuel Nifty's revival

** Double downgrades IT CNXIT to "underweight" from "overweight," citing high valuations and U.S. economic risks

** Metals CCNXMETAL get a higher weight due to a potential China recovery, expectations of safeguard duties on Chinese steel imports

** Cuts pharma CNXPHARMA to "neutral" from "overweight" over U.S. tariff concerns

** Crompton Greaves Consumer CROMPTON joins the portfolio, while weight of some auto stocks cut after weak sales data

** In its India model portfolio, Jefferies replaces Home First HOMEFIRST with Shriram Finance SHRIRAMFIN, citing strong demand for used commercial vehicles and stable asset quality