 "Markets, bulls, bears, stocks")
Foreign brokerages have turned cautious on India amid concerns over pricey valuations and earnings delivery. In the past one week, at least three brokerages have recommended their clients to consider a higher exposure to other markets such as China and Indonesia, which have hugely underperformed India this year.
Japanese firm Nomura on Monday downgraded Indian equities from ‘overweight’ to ‘netural’, citing unfavourable risk-reward. Earlier, UBS, while maintaining an overweight stance, noted that India had turned “unattractive” due to “extremely expensive” valuations relative to the Asean countries. Meanwhile, Christopher Wood, global head of equity strategy at Jefferies, said its overweight position on
