# The downgrade follows HSBC’s move to cut India to ‘underweight’ from ‘neutral’ on Thursday.

*business · news · 2026-04-24 · Outlook Business*

## Key points

- JPMorgan downgraded Indian equities to ‘neutral’ and sharply reduced Nifty 50 price targets.
- JPMorgan cut FY27 earnings growth estimates for Indian companies by 2 percentage points to 10%.
- Foreign portfolio investors have sold a record $37 billion, but domestic inflows total $64 billion.
- JPMorgan upgraded Taiwan to ‘overweight’ due to greater exposure to AI, data centres, and semiconductors.
- India’s rupee has depreciated 10% against the dollar and is the worst-performing Asian currency in 2025.

**Companies:** JPMorgan, HSBC
**Countries:** India, Taiwan, United States, South Korea, China

[Read the full story on Outlook Business](https://www.outlookbusiness.com/markets/why-global-brokerages-are-suddenly-bearish-on-india-valuations-oil-shock-and-a-weak-rupee-explained)

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