Citi Research has cut its Nifty target to 26,000 from 27,000, citing rising earnings downgrade risks amid prolonged geopolitical tensions, but said India remains one of the most under-owned markets among foreign investors and could benefit if global conditions stabilize.
In a strategy note, the brokerage said allocations to India in global emerging market funds have fallen to a near five-year low, while foreign institutional investor (FII) positioning is close to the most underweight levels seen in two decades.
