PL Capital raises Nifty 50 target to 27,589; BEL, ICICI Bank, Airtel among top picks — check price targets

What happened: PL Capital raised its 12-month Nifty 50 target to 27,589 from 27,133, warning Indian equities may see further downside before consolidating. Why it matters: PL Capital sees inflation, geopolitical uncertainty and tighter financial conditions weighing on markets, and cautions against expecting a V-shaped recovery. It stays overweight capital goods, healthcare, banks, metals, financials, telecom and ports, and underweight autos, IT services, consumer and oil and gas.

PL Capital raised its 12-month Nifty 50 target to 27,589 from 27,133, warning Indian equities may see further downside before consolidating.

PL Capital sees inflation, geopolitical uncertainty and tighter financial conditions weighing on markets, and cautions against expecting a V-shaped recovery. It stays overweight capital goods, healthcare, banks, metals, financials, telecom and ports, and underweight autos, IT services, consumer and oil and gas.