UBS continues to hold an ‘underweight’ stance on Indian equities, preferring markets like China, Taiwan, and Korea. According to Sunil Tirumalai, Global Emerging Markets Strategist at UBS, India’s valuations remain expensive relative to peers, growth has been moderate, and the country is yet to participate meaningfully in the global artificial intelligence (AI) investment trend.

Speaking at the UBS India Summit, Tirumalai said the performance of large listed Indian companies has been steady but not exceptional. “The markets which are doing far superior are the tech markets like Taiwan, Korea, and China too,” he said. He added that India’s nominal gross domestic product (GDP) growth has slowed, with no clear catalyst to push it back to the 12–13% levels seen in previous years.

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