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HSBC has downgraded Indian equities to “underweight” from “neutral” as global oil prices remain high amid the war in West Asia, Reuters reported on Thursday.
This is the second time the global brokerage firm has downgraded Indian equities in a month. It had demoted Indian stocks to “neutral” from “overweight” on March 31, CNBC-TV18 reported.
The downgrade means that the firm has advised investors to hold fewer Indian stocks because of inflation and high oil prices hurting corporate earnings.
On Thursday, the benchmark Brent crude was trading above $100 per barrel as uncertainties continue about whether more talks between the United States and Iran to end the conflict will take place.
The price of Brent was $78 per barrel on February 27, a day before the conflict started.
Against this backdrop, Indian stock indices, along with those in Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Taipei, Bangkok and New Zealand’s Wellington were down on Thursday, reported AFP.
In India, the benchmark Sensex has fallen nearly 7.9% and Nifty about 6.7% this year, according to Reuters.
In view of this, HSBC said in a note on Thursday that “India now looks less attractive than North East Asian peers in the current macro setting”, reported the news agency.
It added that the war in West Asia “has refocused attention on downside growth risks, given India’s significant reliance on imported energy”, reported CNBC-TV18.
“Growth has showed signs of improvement in the last two quarters, but we think the recovery from hereon will be delayed,” HSBC was quoted as having stated.
India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz, the narrow water body connecting the Gulf to the Arabian Sea.
Iran has effectively blocked the strait since the war broke out on February 28. About 20% of the global petroleum supply passes through the maritime chokepoint.
HSBC stated on Thursday that it expects oil and gas markets to remain tight through most of June and September quarters, reported Reuters.
The international brokerage also flagged foreign funds outflow and depreciation of the Indian rupee.
In the first half of April, foreign institutional investors sold Rs 19,150 crore worth of stocks, reported Moneycontrol.
The Indian currency was trading at 94.1 against the US dollar on Thursday, according to Reuters. It had briefly fallen past a record low of 95 on March 30.
Source: Scroll
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