HSBC upgrades India stock market rating to neutral

```htmlGolden Ten Data reported on July 16 that HSBC Holdings has upgraded its rating on Indian stocks to neutral, citing the fading risk that oil prices pose to corporate earnings and strong domestic consumption. In a report released Thursday, strategists led by Herald van der Linde wrote: "The macro backdrop for Indian equities has clearly improved in recent weeks, mainly because the shock from oil prices has rapidly faded. We believe India is a good way to gain exposure to growth driven by domestic demand." HSBC had downgraded Indian stocks to underweight in April due to concerns about inflation risks from the war in Iran. As those worries subsided, HSBC became one of the first major global banks to upgrade its rating on the Indian market. This shift comes as global funds, after record selling earlier this year, have begun to become net buyers of Indian stocks. HSBC raised its year-end target for the Mumbai Stock Exchange Sensex Index from 80,500 points to 84,000 points, which implies an 8.8% upside from Wednesday's closing level.```