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

** Cites Nifty's .NSEI 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 .NIFTYIT to "underweight" from "overweight," citing high valuations and U.S. economic risks

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

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

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

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

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))