Citi sees Nifty at 9850 in Dec 2015; bullish banks, pharma

Moneycontrol Bureau

Brokerage house Citi has raised its Sensex target for December 2015 by 16 percent to 33,000, and has forecast a target of 9850 for the Nifty.

“We expect 2015 to be a good year; 2015 should be front-loaded with falling rate gains, back-loaded with an actual economic/investment recovery,” said the Citi note to clients.

The brokerage expects the RBI to reduce benchmark rates by 75 basis points during the year. Lower rates coupled with a rising economy and uptick in corporate earnings growth could fire the market even more, the brokerage said.

Citi is overweight on banks, oil & gas, cement and pharma stocks.

Also read: Sensex seen 32,500 by Dec 2015; like banks: Morgan Stanley