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J.P.Morgan has downgraded Indian shares to "neutral" from "overweight", citing strain in balance of payments, while upgrading China shares to "neutral" from "underweight".
The brokerage adds it is late in downgrading India, but if the rupee continues to slide it would continue to underperform.
Citi also lowered its target for India's benchmark index to 18,900 from 20,800, citing increasing uncertainty after the rupee's slide despite Reserve Bank of India's measures