The news of a blast at the fnish line of the Boston Marathon spooked global investors already rattled by the economic data. But Lewis doesn't see this incident having large scale ramifications on global financial markets. Besides India, JP Morgan AMC is also overweight on Japan and China.
Below is the verbatim transcript of Geoff Lewis's interview on CNBC-TV18
Q: What are your thoughts on India because everyone is talking about a change in the Indian macro situation particularly on the external accounts side? How much of a perceptible difference are you seeing in the attitude towards India now and would you have a tactical change in call on India?
A: We are still overweight on India, so we haven't made any short term tactical call. We are still seeing relatively good inflows into Indian market. We are hoping that we will see the beginning of a revival in capex demand and the growth probably has bottomed. Of course, there are vulnerabilities and the external sector is to be watched and we are keeping a close eye on that.
Q: With gold and crude falling so sharply, the current account deficit will reduce, inflation numbers have been falling and the last number we got after 3.5 years is below the six percent mark. The negative macro appears to be readjusting. Will that add to India's attraction?
A: We found India to be attractive. We saw that macro problems have reached and adhered last year and so we have been overweight on India since quite early this year and are therefore, not making any changes. On the inflation, the wholesale price index (WPI) numbers were particularly good with a deceleration into 6 percent in the latest month below the consensus focus of 6.3 percent.
Like a lot of investors, we are still wondering how the RBI will respond to the divergence between the two measures of inflation, between the CPI new index measuring consumer prices and the wholesale price index. The CPI should be able to broader measure but has not been a target for inflation policy and seems to be sticker than the WPI. There are still concerns on inflation front, but the WPI data were a shot in the arm. It is a sign that the slower growth is now leading to less pricing pressure. Fall in commodities is also a big help to India.
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