Citi bullish on Indian equities, sees Nifty at 28,000 by end-2027
INDA•Citi Research reportedly expects India’s Nifty 50 to reach 28,000 points by the end of 2027, about 12% above its last close, citing earnings prospects, lower oil prices and slower AI spending. It raised its valuation multiple to 18 times from 17 times.
1. Higher index target
Citi Research reportedly raised its Nifty 50 target to 28,000 by the end of 2027, from its previous forecast of 26,000 by September 2027. The new target implies about 12% upside from the index’s last close of 24,986.4, and reflects an increase in Citi’s price-to-earnings multiple to 18 times from 17 times.
2. Inflows and oil outlook
Citi cited a strong earnings outlook, lower oil prices and the prospect of slower AI-related capital spending as tailwinds. Foreign portfolio investors have bought more than $4.1 billion of Indian shares so far in November, their largest monthly inflows since September 2024. Citi said a $10-per-barrel decline in oil prices could improve India’s current account deficit by 30–40 basis points and inflation by 50 basis points.
