Goldman downgrades Indian stocks for first time since 2014
Goldman Sachs downgraded Indian equities for the first time since March 2014 citing expensive valuations and upcoming elections. The investment bank cut India's rating to the equivalent of a 'hold' from 'buy'. Goldman has been bullish on Indian stocks since March 2014 on expectations of "pro-growth government policies and structural reforms" that can lead to a recovery in corporate profits.