Global financial services firm HSBC has upgraded India’s
outlook to overweight stating that India is a relatively defensive market in an
increasingly uncertain investment world.
“Global asset allocators face a period of uncertainty.
They might be more inclined to increase the allocation towards defensive assets
in the period of economic and political uncertainty in major parts of the
developed world. A variety of global themes could play a role in this volatile
environment, with markets moving from one issue to another as events unfold.
The results show that India is not immune to these factors, but we believe it
is one of the most defensive markets, i.e. the least driven by global factors,”
said analysts at HSBC.
According to HSBC, India is one of the most convincing
growth stories. As the GDP growth is accelerating, the budget deficit has
narrowed significantly, high frequency data points are picking up, and the
recent earnings season points to improvement in demand. One of the key risks to
Indian equities, according to HSBC, has been the high consensus earnings
forecast. At the beginning of the year, the consensus earning forecast for 2016
was 18.5 per cent.
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Last date: July 11, 2016
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