Citi's latest Nifty 50 outlook puts the index at 28,000 by December 2027, drawing on possible inflows to India as well as earnings growth and lower oil prices.
The bank's 28,000 marker is 2,000 points above its earlier 26,000 view. Citi says a one-point rise in India's share of emerging-market portfolios could bring roughly $12 billion into the country; that weighting is near a multiyear low.
Citi analyst Surendra Goyal said Indian stocks could benefit if the U.S. midterm outcome slows AI spending and nudges capital toward non-AI assets.
Citi's scenario analysis also puts Nifty 50 earnings about 2% higher under a $10 drop in oil prices.
