Citi and Nomura Lower Nifty Targets Citing Risks from US-Israel-Iran Conflict

Global investment banks Citi and Nomura have lowered their year-end targets for India's Nifty 50 index due to risks from the ongoing US-Israel-Iran conflict. Citi cut its target to 27,000 points from 28,500, implying a 17% upside, while Nomura reduced its 2026 target by 15% to 24,900 points. Both firms cited potential impacts on India's growth, inflation, fiscal deficit, and corporate earnings from prolonged supply disruptions and elevated oil prices amid market volatility and currency weakness.