After Nomura and UBS, Morgan Stanley downgraded Indian equities

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MUMBAI: Brokerage firm Morgan Stanley has downgraded Indian equities from overweight to equal weight in view of overvaluation. The possibility of the market consolidating before possible short-term challenges has also been expressed.

While the country's key fundamentals are positive, consolidation in Indian equities could be seen ahead of the Federal taper, a possible rise in interest rates by the Reserve Bank in February and higher energy costs.

Earlier, UBS and Nomura also downgraded Indian equities in view of costly valuations. The performance of Indian equities has been very high in the current year as compared to other emerging markets.

The MSCI India Index has risen by 4.5 per cent this year against a decline of 0.6 per cent. According to Morgan Stanley, Indian equities are performing well due to the expectation of revenue growth and the government's flexible reform program.

Two days ago, Nomura downgraded Indian equities from overweight to neutral, saying the returns were not as risky. Brokerage firms, on the other hand, are offering a positive vote for Chinese equities.

HSBC increased the weightage for Chinese equities from neutral to overweight, saying Chinese equities have never been as cheap as they are now compared to India.

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