Morgan Stanley has upgraded its view on Indian markets to 'overweight' from 'equal weight', citing easing valuations as compared to October 2022, when the global brokerage identified the onset of a new bull market in Asian and emerging market equities.
4:36 AM UTCThe Indian flag flies in front of the new logo of the Securities and Exchange Board of India at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File Photo
India is now the top ranked, most-preferred market among emerging markets , rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday. Sectorally, the brokerage remains overweight on financials, consumer discretionary and industrial segments in India, and has an "add" rating on Larsen & Toubro and Maruti Suzuki India in its Asia Pacific focus and Global Emerging Markets lists.
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