HSBC ON INDIA: VALUATIONS TURN MORE REASONABLE; FINANCIALS OFFER ATTRACTIVE RISK-REWARD 🟢

• HSBC's Herald Van der Linde says India is back on investors' radar as market valuations become more reasonable. • Nifty 50 is trading at approximately 16x forward P/E, a level reached only twice in the past decade. • Midcap valuations have also become less stretched following the market correction. • Valuation premiums have narrowed across financials, IT services, real estate and consumer staples. • Some of the valuation correction reflects weaker earnings growth. • HSBC sees the most attractive risk-reward in financial stocks, supported by an improving growth outlook.

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