'Stark contrast' to China: Morgan Stanley upgrades India stocks and shares 4 top picks

Morgan Stanley upgraded Indian stocks to "overweight" from "equal weight," citing a strong profit outlook and the country's attractiveness to investors in a "multipolar world." India's situation is in "stark contrast to that in China," the bank said in its Aug. 2 note. "With GDP per capita only US$2.

Stock picks While Indian stock valuations "overshot somewhat" last October, it's "less extreme" now, Morgan Stanley said. The industrials, financials and consumer discretionary sectors will be major beneficiaries of India's "structural story," it said, giving all three an overweight rating. "Improvement in per-capita income boosting consumption and a broadening credit penetration should help the Financials sector.

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