JPMorgan upgrades India rating: Three stocks included in emerging portfolio

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MUMBAI: Rating agencies have got an upgrade once again expressing confidence in India's solid economic growth path. JP Morgan has upgraded India's rating to 'overweight'. Earlier, leading global brokerages like Morgan Stanley, CLSA and Nomura also upgraded India's rating.

JP Morgan cited several factors behind the rating upgrade, including positive general election season, strong growth in nominal GDP in emerging markets and the development of broader bond markets. Moreover, risk premium is expected to decrease due to these factors.

JP Morgan believes that rising long-term interest rates in the US and a strengthening dollar continue to pose challenges to emerging market equities, with rising interest rates and slowing growth as a result. A sustained positive environment for emerging markets can only emerge once the US recession stops and the rate hike and interest rate hike cycle is complete.

JP Morgan brokerage house has included Sun Pharmaceutical Industries Limited, Bank of Baroda and Hindustan Unilever in its Emerging Markets model portfolio.

Earlier, Morgan Stanley had upgraded India's rating to Overweight due to improvement in economic and income growth. CLSA increased its India portfolio allocation by 20 percent. Nomura upgraded India's rating to Overweight in September, citing strong positive sentiment and potential gains from the China+1 trend.

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