New Delhi, June 12 -- HSBC Global Investment Research has called India a "refuge for investors" in the current global environment marked by economic uncertainty and trade tensions. In its latest strategy note, the global brokerage highlighted the Indian market's relative strength and steady earnings growth while naming five stocks it believes can outperform. HSBC's picks-Godrej Consumer Products, UPL, GAIL, Ujjivan Small Finance Bank, and HDFC Life-reflect its focus on companies with structural or idiosyncratic growth triggers even as it maintains a neutral stance on Indian equities overall.

HSBC said its proprietary data showed Asia and GEM funds are beginning to rebuild positions in India, gradually reducing their underweight exposure....