India Equity Strategy: India offers diversification and stability

研报英文原文证据摘录

India Equity Strategy: India offers diversification and stability

4 August 2026

India Equity Strategy EquityIndia Strategy

India offers diversification and stability

◆ AI rotation outflows largely done; with 80%+ of GEM funds Prerna Garg*

underweight India, a move back to neutral could bring Asia Equity Strategist

The Hongkong and Shanghai Banking Corporation Limited

cUSD25bn of inflows prerna.garg@hsbc.com.hk

+852 9831 6901

◆ High-frequency indicators remain constructive; 1QFY27 Herald van der Linde*, CFA

Head of Equity Strategy, Asia Pacific

results have generally come in better than expected The Hongkong and Shanghai Banking Corporation Limited

heraldvanderlinde@hsbc.com.hk

+852 2996 6575

◆ We present 10 ideas which marry our top-down thinking and

Yogesh Aggarwal*

the bottom-up convictions of our sector analysts Head of Research, India

HSBC Securities and Capital Markets (India) Private Limited

yogeshaggarwal@hsbc.co.in

Key risks are external. Korean equities have been roughly four times more volatile than +91 22 2268 1246

India’s so far this year. The unusually high swings in AI-related sectors are making global

investors diversify, and on that measure we think India looks better placed. That said, the * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

geopolitical situation in the Middle East and Fed policy are key unknowns. not registered/ qualified pursuant to FINRA regulations

Can FII flows rebound again? FII outflows linked to AI rotation have largely played out,

in our view. More than 80% of active GEM funds are underweight India, so even a move

back to neutral from that group alone could drive around USD25bn of inflows. For context,

foreign investors have bought USD3.6bn of Indian equities since mid-June, when India