Citi downgraded India to underweight, citing continued macroeconomic and geopolitical headwinds along with relatively weak earnings. The brokerage set a target of 27,000 on the Nifty, implying an upside of 11.7% above Friday's closing of 24,176. "India has scored poorly in our model for some time, though macro/EPS inflection looks trickier amid headwinds from higher commodity prices," said Citi in a client note. "We note that positioning remains light and market pricing of EPS outcomes looks more reasonable than elsewhere."