Citi said that in the context of India's first-quarter earnings report “better than expected” and the benchmark index Nifty 50 at a long-term average valuation level, the bank maintained a positive attitude towards the Indian stock market outlook. Surendra Goyal and Vijit Jain wrote in the research report that the overall profit before interest, tax, depreciation and amortization of the constituent stocks of the BSE-100 Index of the Bombay Stock Exchange grew by about 6% year on year, and net profit after tax grew by about 9% year on year, far higher than previously expected zero growth and slight decline. Revenue growth in the vast majority of industries exceeded expectations, and profit margins were pressured as expected. Citi added Axis Bank to its high-cap top list, maintaining overrated ratings in the finance, telecommunications, utilities, and healthcare sectors.

Citi said that in the context of India's first-quarter earnings report “better than expected” and the benchmark index Nifty 50 at a long-term average valuation level, the bank maintained a positive attitude towards the Indian stock market outlook. Surendra Goyal and Vijit Jain wrote in the research report that the overall profit before interest, tax, depreciation and amortization of the constituent stocks of the BSE-100 Index of the Bombay Stock Exchange grew by about 6% year on year, and net profit after tax grew by about 9% year on year, far higher than previously expected zero growth and slight decline. Revenue growth in the vast majority of industries exceeded expectations, and profit margins were pressured as expected. Citi added Axis Bank to its high-cap top list, maintaining overrated ratings in the finance, telecommunications, utilities, and healthcare sectors.