Wall Street warms to India’s markets as oil pressures fade

Wall Street banks including Citigroup, Goldman Sachs, Barclays, and Macquarie are turning positive on Indian assets as oil prices have fallen about 30% in the June quarter, easing concerns about India's external finances. Global funds bought a record $4.4 billion of index-eligible Indian government debt, the rupee rebounded to become one of Asia's strongest performers, and Indian equities beat emerging-market peers in June by the most in seven months. Goldman Sachs estimates another $15 billion in passive inflows if India is included in the Bloomberg Global Aggregate Index, while Barclays notes the economy is now available at a meaningful discount while still growing near 7%.