JP Morgan joins list of brokerages downgrading Indian stocks

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 20, 2013, 11:34 [IST]

JP Morgan is the latest to join the growing list of foreign brokerages downgrading Indian stocks. According to a Reuters report the firm has downgraded Indian shares to "neutral" from "overweight", citing strain in balance of payments, while upgrading China shares to "neutral" from "underweight".

Indian stocks have seen severe selling pressure in the last few trading sessions as a falling rupee poses serious worries for the economy.

The Sensex has shed as much as 1100 points in three trading sessions, as investors have sold into stocks.

Today the Sensex has dropped more then 100 points, resulting in a fall for the consecutive trading sessions.

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