HSBC downgrades Indian stocks to underweight

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.

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.

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