Too early to say consensus has cut India's overweight rating: JPMorgan

NEW DELHI: Foreign investors selling Indian equities and chasing grwoth elsewhere does not in any way reflect any worsening of fundamentals in the local markets, Adrian Mowat, Chief EM & Asian Equity Strategist, JPMorgan

Attributing the fall in India's relative weightage in the emerging markets pack to its underperformance compared with markets like China, Brazil, Russia, Mowat said it was too early to say that the consensus has adjusted down their overweight India.

"You will get a change in benchmark weighting," he said.

"It is very important to understand what a portfolio managers try to do on a global basis is to maximise their return and to be in the highest return markets. We often mistake foreign selling as a statement about a deterioration in fundamentals in the market where you are seeing the selling. It may reflect that there are better opportunities elsewhere rather than a local negative," he said.