Global brokerage Credit Suisse has upgraded Indian equities to ‘overweight’ from ‘market weight’ earlier.

Although the overweight is marginal at only 1 basis point over India’s weight in the MSCI Asia Pacific index.

Besides India, it has also upgraded Indonesia to marginal overweight. “We upgrade India and Indonesia from market weight to small overweights. Continued macro weakness in India and the sensitivity of Indonesia to adverse terms of trade limit our enthusiasm, but both markets are insulated from adverse CNY (yuan) and USD (dollar) movements, and both are unusually sensitive to falling rates and bond yields,” wrote Credit Suisse strategists Dan Fineman and Kin Nang Chik in note.