Morgan Stanley Downgrades India to 'Equalweight'; Maruti Suzuki Removed from Focus List

• Morgan Stanley downgraded India's rating to 'equalweight' (neutral) citing macro uncertainties and high valuations.
• The downgrade, noted by Jonathan Garner, is due to geopolitical developments and India's historical exposure to oil supply risks.
• Despite India's improved oil intensity and macro stability, international investors are expected to reposition later.
• Morgan Stanley removed Maruti Suzuki from its Asia-Pacific ex-Japan, GEM, and Asia Thematic Focus Lists.
• The firm's MSCI EM target implies a 15.5% upside, lower than Sensex's current 20.1% forecast.