India well owned by EM investors, global funds next - CLSA

Funds with global mandate and domestic investors should continue to drive Indian stocks, says CLSA.

CLSA says funds with global mandate looking into the long-term structural nature of the India story and adds global funds flow to Indian shares at $16 bln YTD – lower than $18 bln average over the last three years.

It expects annual net inflows of $15 bln from domestic investors over the next few years.

ICICI Bank , Axis Bank and State Bank of India remain top ideas among lenders.

CLSA adds Coal India in its model portfolio and adds weight to Mahindra and Mahindra and cites India`s plans to double Coal India`s production in five years.

It removes Hero MotoCorp and Sesa Sterlite from model portfolio.