- Crude oil price spike: A sharp increase in oil prices could affect India’s macroeconomic environment and corporate earnings.
- Consumption slowdown: Weakening consumption demand could weigh on earnings growth.
- AI-related employment impact: The potential impact of artificial intelligence on jobs remains a risk to the market outlook.
Citi’s revised Nifty target of 28,000, compared with its earlier projection of 26,000, reflects its updated earnings expectations, valuation assumptions and December 2027 target horizon.