Citi bullish on Indian equities, sees Nifty at 28,000 by end-2027

What happened: Citi set a Nifty 50 target of 28,000 by end-2027, raising its price-to-earnings multiple for the index to 18x from 17x, per its India equity strategy note dated November 8. Key numbers: Target implies about 12% upside from the last close of 24,986.4. Prior target was 26,000 by September 2027. Why it matters: Citi's outlook follows a Nifty 50 rally and a return of foreign portfolio investors as AI-linked trades unwound and oil prices retreated. Citi said lower oil prices could help India's macro and earnings assumptions.

Citi set a Nifty 50 target of 28,000 by end-2027, raising its price-to-earnings multiple for the index to 18x from 17x, per its India equity strategy note dated November 8.

Citi's outlook follows a Nifty 50 rally and a return of foreign portfolio investors as AI-linked trades unwound and oil prices retreated. Citi said lower oil prices could help India's macro and earnings assumptions.