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Credit Suisse has downgraded Indian shares to "underweight" from "overweight"; upgraded Brazil to "overweight", and termed it a "profoundly contrarian" call.
It said India will experience "modest deterioration" in external position, and added that valuations are at "unjustifiable" premiums, while earnings revisions were most negative across emerging markets.
By contrast, Brazil's external devaluation was largely complete, internal devaluation was well developed and valuations vs emerging markets "finally appearing attractive", it said.
HSBC rated India "underweight" in May last year.
Foreign investors have turned into buyers this month with $990.76 million worth of net purchases, are still net sellers of $1.88 billion for the year.
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