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(Bloomberg) -- Morgan Stanley lowered its price targets for major Chinese and Hong Kong stock indexes for the second time in three months, as Wall Street turns more cautious on the world’s second-largest economy.Most Read from BloombergNYC’s Most Exciting New Fine Dining Restaurant Is in a Subway StationMore People Call in Sick on August 24 Than Any Other DayNasdaq 100 Drops 2% as Yields Rise Before Powell: Markets WrapTrump Surrenders in Georgia on 2020 Election Probe ChargesModi and Xi Speak a

“Though India has some very powerful export earning companies, that is not where we are going to see the biggest compounding in EPS growth. Local currency earning streams are being supported by a structurally stronger rupee. It means India's EPS growth is now compounding much faster than peer group emerging markets in US dollar terms.”

“The core of our interest in India is about the domestic demand story and the development of domestic consumer markets, industrialisation, urbanisation, real estate, construction and financial services. If you look at things like life insurance markets or mortgage, are still very low relative to the levels of GDP that we have in some of the more advanced parts of Asia economically.”

Morgan Stanley upgrades Indian equities: "India is arguably at the start of a long-wave boom at the same time as China may be ending one," strategists at Morgan Stanley wrote in their latest research note. Get more Markets News and Business News on Zee Business.

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