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Jefferies sees India FPI flows sustaining on AI trade reversal, potential equity tax relief

By Reuters News

** Jefferies says potential AI trade reversal, any equity tax relief among factors that can help sustain foreign inflows into Indian equities

** Cites resilient domestic macro, reasonable large-cap valuations, and light positioning of foreign portfolio investors (FPIs) as other key reasons for sustenance of flows

** FPIs bought Indian shares worth $5.7 billion so far in November, already making it their biggest monthly purchase since September 2024

** Inflows driven by easing oil prices and reversal in AI trade globally after US midterm election results

** Benchmark Nifty 50 .NSEI and BSE Sensex .BSESN up about 10% so far in November

** Jefferies says Reliance Industries RELI.NS, HDFC Bank HDBK.NS, Axis Bank AXBK.NS, Kotak Mahindra Bank KTKM.NS, UltraTech Cement ULTC.NS, Max Healthcare MAXE.NS could be among key beneficiaries from foreign flows

** "India offers significantly low beta. Given higher liquidity and FPI ownership, we see large caps as the more direct beneficiary of revival in FPI flows," brokerage firm adds

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