Goldman Says India Midcaps Getting Popular With Foreigners Again

Overseas equity ownership picks up after five years of decline
Smaller stocks remain more expensive than their large peers

People walk through the Sadar Bazaar in New Delhi, India, on Tuesday, April 18, 2023. India has overtaken China as the world’s most populous nation, according to UN data released on April 19.Photographer: Prashanth Vishwanathan/Bloomberg

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By Abhishek Vishnoi

August 17, 2023 at 5:58 AM UTC

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India’s midcap stocks are again growing in popularity among overseas investors after five years of decline, according to Goldman Sachs Group Inc.

“We are seeing a sharp reversal” in foreigners’ ownership of India midcaps, strategists including Amorita Goel and Sunil Koul wrote in a note Wednesday, citing their analysis of second quarter shareholding data.