JP Morgan downgrades Indian shares; Citi lowers Sensex target

MUMBAI Tue Aug 20, 2013 12:32pm IST

A broker looks at a terminal while trading at a stock brokerage firm in Mumbai October 6, 2008. REUTERS/Arko Datta/Files

A broker looks at a terminal while trading at a stock brokerage firm in Mumbai October 6, 2008.

Credit: Reuters/Arko Datta/Files

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MUMBAI (Reuters) - J.P.Morgan has downgraded Indian shares to "neutral" from "overweight", citing strain in balance of payments, while upgrading China shares to "neutral" from "underweight".

The brokerage adds it is late in downgrading India, but if the rupee continues to slide it would continue to underperform.

Citi also lowered its target for the BSE Sensex to 18,900 from 20,800, citing increasing uncertainty after the rupee's slide despite Reserve Bank of India's measures since mid-July.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)

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