New Delhi, April 24 -- In the past two days, two global brokerages have downgraded India amid rising oil prices and persistent supply-side disruptions, flagging near-term headwinds for equities even as they retain confidence in the country's structural growth trajectory.

JP Morgan downgraded Indian equities to "Neutral" from "Overweight", citing a combination of valuation concerns, earnings risks and limited exposure to emerging technology themes. In its latest Asia strategy report, the brokerage said, "we downgrade Indian equities to Neutral due to elevated valuations relative to EM peers, earnings risks, dilution concerns and limited exposure to next-gen tech."

The report further highlighted that "earnings at risk - energy supply disr...