HSBC upgrades Indian equity market to 'stable' from 'underweight'

Analysts at the bank have noted that since August-end the Indian stock market has underperformed due to an array of headwinds like a free fall in the rupee and a volatility in crude oil prices

Global financial services firm HSBC has upgraded its rating on Indian equity market to “neutral” from “underweight” on the back of recent corrections and more attractive valuations.

Analysts at the bank have noted that since August-end, the Indian stock market has underperformed due to an array of headwinds, such as a free fall in the rupee and a volatility in crude oil prices, and that these risks still persist despite the underperformance. However, "investors’ weights in India are now at historically low levels and there is an opportunity to add to this," Livemint reported, quoting HSBC as saying in