India

Indian EPS growth is set for major disappointments vis-à-vis the lofty expectations. Weak domestic demand amid tight fiscal and monetary policy entails more downside in stock prices. Stay underweight.

In this Special Report, BCA Strategist Ritika Mankar highlights that India may prove to be a sanctuary of safety in what promises to be a volatile 2023. Indian equity outperformance could continue, as India ends up offering relatively high growth at a time when EMs at large must contend with the effects of declining exports, high global interest rates, and exhausted fiscal stimulation capabilities.

India’s lofty EPS growth expectations are set for a major disappointment. The RBI has overtightened monetary policy despite the absence of any genuine inflationary pressures in India. Fiscal stance is also restrictive. Stay underweight this bourse in EM and Emerging Asian equity portfolios.

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