HSBC Downgrades Indian Equities Again as Oil Shock Deepens

HSBC has issued its second downgrade for Indian equities in a month citing the impact of the oil crunch caused by the war in the Middle East on the Asian powerhouse. “India now looks less attractive than North East Asian peers in the current macro setting,” the bank’s analysts said in a note today, as quoted by Reuters. They added that oil and gas supply was expected to remain tight during the second and third quarters of this year, extending pressure on Indian corporates. Brent crude has gained 42% since the United States and…