New Delhi, May 16 -- A survey of global fund managers by Bank of America Securities has identified India as the most favoured market in the Asia Pacific region, having moved ahead of Japan, even as China came a distant third. This is an endorsement of India's broader economic appeal that has stayed strong despite global shocks and domestic disturbances.

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Notably, investor sentiment towards India has improved sharply, with investors a net 42% overweight on the country in May; they were 13% underweight in March. By that metric, investors have lost enthusiasm for Japan and China, both of which are significantly more export oriented and likely to be hit harder by trade t...