The brokerage said there should be a recovery in the financial year ending March 2022.
Citigroup Global Markets has cut its March 2021 Nifty target to 10,100 from 11,400 as the three-week lockdown amid the coronavirus scare threatens to hit the economy sharply.
Earnings estimates for the financial year ending March 2021 will see sharp downgrades over the coming weeks, said Citigroup in a note titled ‘Lockdown Blues’ Thursday. Meanwhile, CIMB Securities said earnings outlook of Indian companies may be negative in the short term due to the lockdown, but the sharp decline in the index has driven ...
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