JP Morgan and Goldman Sachs are getting more bullish on India

India has the"best growth story" among global emerging markets, said J.P. Morgan's head of equity research for Asia excluding Japan, as he pointed to relatively stable oil prices and positive earnings projections for the country.

Speaking to CNBC on Tuesday, J.P. Morgan's James Sullivan predicted that oil prices will stay"relatively stable" at around $60 to $65 per barrel. Sullivan was optimistic on India's overall growth. He said that markets are projecting India's earnings growth at around 20 percent, while J.P. Morgan is expecting it to be slightly lower, at about 15 percentThe critical factor will be India's general elections, set to take place over April and May, said Sullivan. However, he said that markets have performed quite strongly even amid rather"volatile" elections in the past.

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