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HSBC downgrades Indian stocks to underweight

Reuters  Mumbai, September 12, 2012
First Published: 11:14 IST(12/9/2012) | Last Updated: 11:16 IST(12/9/2012)

HSBC downgraded Indian stocks to "underweight" from "neutral", saying the debt crisis in Europe would be a drag on global equities, while at home, the country has seen no progress on fiscal consolidation or structural reforms.

"The newsflow will be probably negative for the market, making investors nervous," HSBC said in a report on Wednesday.

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