Citi downgrades India to ‘neutral’ as valuations remain elevated

Citi has downgraded India’s market rating to ‘neutral’ due to high valuations and moderating earnings growth forecasts. While acknowledging India’s strong macro story and potential US trade deal, the brokerage finds its earnings outlook less compelling compared to its expensive valuation. Citi favors banks, NBFCs, healthcare, and telecoms, while remaining underweight on IT, metals, and staples.

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