A record-high foreign ownership in Indian stocks, indicating the consensus bullishness creates...
A record-high foreign ownership in Indian stocks, indicating the consensus bullishness creates the biggest risk to markets, Bank of America Merrill Lynch (BofA-ML) says.
The overweight position in India is the biggest ever for global emerging market funds – BofA.
Adds financial stocks continue to remain the highest “overweight” sector for foreign institutional investors.
Says software on the other hand reached an all-time high “underweight” for overseas investors.
Also, ownership in some state-run banks such as State Bank of India is still significantly below the previous peaks.
Remains positive on energy reforms and believes progress on it could lead to FII buying in state-run oil companies.