JP Morgan has downgraded Indian equities to ‘Neutral from ‘Overweight’ in its latest Asia strategy report, citing elevated valuations, earnings risks, persistent equity dilution and limited exposure to next-generation technology segments. The brokerage said the shift reflects a less favourable near-term risk-reward even as the long-term growth case remains intact. The shift comes as JP Morgan adjusts its broader regional allocation, moving capital toward markets and sectors tied to artificial intelligence and structural growth while stepping back from India in the near term. Valuations remain elevated despite moderation