JPMorgan upgrades Indian equities to 'overweight'

MUMBAI (Reuters) - J.P.Morgan has upgraded Indian equities to "overweight" from "neutral", citing a number of factors including historic valuations, expectations for monetary stimulus, lower oil prices, and a weak rupee.

The investment bank, in a report dated June 21, said it was "overweight" on private banks, IT services, and health care, but was "underweight" on consumer discretionary, energy and materials.

(Reporting By Rafael Nam)