Indian equities no longer top pick among emerging markets
For the month so far, BSE’s 30-share Sensex is down 5.07%, while China’s Shanghai Composite Index is down 5.5%. Photo: Hemant Mishra/Mint
MUMBAI: India is no longer the top pick among emerging markets (EM), as fund managers wait for an earnings recovery and peer markets turn attractive. The Rs11,400 crore fraud at state-run Punjab National Bank (PNB) hasn’t helped either.
“Our global strategists like Korea, Indonesia and Brazil the most, but are neutral India. Other markets look more attractive, compared to India. Earnings growth has to come by, and all the current noise around PNB is also hurting,” said Gautam Chhaochharia, head of research at UBS Securities India Pvt. Ltd.
Credit: livemint.com