Citi raises Nifty target to 28,000, sees 12% upside

Citi has raised its Nifty 50 target to 28,000 from 26,000, projecting ~12% upside by December 2027. The brokerage cited 15-16% annual earnings growth over FY26-28, lower crude oil prices, and a potential shift in foreign flows away from AI-driven assets. Foreign inflows of ~$6 billion entered Indian markets in the preceding three weeks.