NIFTY 50

Recently upgraded India; banks well positioned, says Nomura’s Jim McCafferty

Updated : March 09, 2021 09:55 AM IST

Nomura is optimistic on Asian markets and recently upgraded India for a number of reasons, said Jim McCafferty of the global financial services group, on Tuesday.

“In many ways, higher bond yields indicate a positive stance for equity markets, so we overall are quite optimistic for the Asian markets and we recently upgraded India for a number of reasons and the fact that the market has lagged many others in the regions like Taiwan and Korea,” he told CNBC-TV18.

India has been a relative laggard compared to markets in northeast Asia, said McCafferty.

“However, India has done well in absolute terms so far this year relative to other markets in northeast Asia and for that reason, a lot of investors were wanted to put money into India.”

Banks in India are well-positioned to advance, he added.

“It’s a sector which has taken a bit hit over the course of the last 18-24 months and we are seeing this in other geographies in the region as well; Chinese banks, in particular, have improved their stock market performance recently,” he said.

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