India's stock market has slipped to fourth place among Asia Pacific's most favoured investment destinations, according to Bank of America's latest survey. Japan now leads "by a distance," followed by Taiwan and South Korea, while India languishes amid a bruising two-month consolidation.
Only 10% of fund managers are overweight on India, compared to 32% backing Japan, 19% supporting Taiwan, and 16% favouring South Korea. Taiwan and Korea benefit from the resurgent semiconductor cycle, while India struggles with lack of positive catalysts.
The IT services sector has fallen "out of favour," with BofA's India IT indicator hitting a 20-month low. Despite the ranking slide, analysts note Indian markets show resilience and trade at discounts to historical averages.
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