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Citi upgrades India to 'overweight' citing stable earnings, economic growth

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The brokerage expects India's blue-chip NSE Nifty 50 index to rise 7% between now and the end of the current financial year, setting a target of 23,900.

After overtaking Hong Kong's stock market in December, India currently has the fourth largest in the world, and is now valued at over $4 trillion.Citigroup analysts upgraded India to "overweight" from "neutral" in their emerging markets allocation on Friday, citing strong earnings and economic growth momentum.

Citi's view is underpinned by the expectation that India's economy - the fastest growing among major peers - will remain strong, growing at 6.8% in the current fiscal. The brokerage remains "overweight" on India's banks, insurers, public sector enterprises, autos and capital goods companies among others. It recommends "underweight" on information technology firms, metals, consumer durables and discretionary as well as paint companies.

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