HSBC Downgrades Indian Equities to Underweight From Neutral -- Market Talk

Dow Jones04-23

0255 GMT - Valuations for Indian companies, while materially corrected from their peaks, are likely to remain elevated until earnings downgrades feed through, HSBC analysts led by Herald van der Linde say in a note. The bank downgrades Indian equities to underweight from neutral and expects consensus earnings forecasts for 2026, currently at 16%, to be lowered. "Given India's reliance on imported energy and the potential knock-on effects on inflation and domestic demand, we are concerned about the durability of the ongoing earnings recovery," the analysts write. India's benchmark Sensex closed 1.0% lower at 78516.49 on Wednesday. (venkat.pr@wsj.com)

(END) Dow Jones Newswires

April 22, 2026 22:55 ET (02:55 GMT)

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The bank downgrades Indian equities to underweight from neutral and expects consensus earnings forecasts for 2026, currently at 16%, to be lowered. \"Given India's reliance on imported energy and the potential knock-on effects on inflation and domestic demand, we are concerned about the durability of the ongoing earnings recovery,\" the analysts write. India's benchmark Sensex closed 1.0% lower at 78516.49 on Wednesday. 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