Citigroup has cut its year-end target for India's benchmark index by nearly 10 percent to 19,700 from 21,500, citing weak market environment, heightened uncertainty and lower earnings.
"India will also likely lag any sharp global bounce-back," the Wall Street bank said in a note, adding that the current dip and rally will be much shallower than the 2008 recessions.
The benchmark BSE index has fallen 16.5 percent year to date.
The house says that it expects India's negatives -- high valuations, inflation, the central bank's tight monetary stance, GDP downgrades and an apparent policy paralysis--may have already peaked.
"In fact, with lower global growth and commodity markets, most of these headwinds could well turn into tailwinds," it said.
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medsDeca durabolin, cytomel & clenbuterol
