Citigroup raises BSE index Dec 2015 target to 33,000 from 31,000. It expects 15 pct upside from Friday’s close.
Increases NSE index target to 9,850 from 9,240.
Says 2015 should be front-loaded with falling interest rates, back-loaded with actual economic recovery amid steady reforms.
Adds falling rates in a rising economy/earnings could fire the market more.
Policy rates should fall 75 bps in 2015, Citigroup said.
Rejigs model portfolio; overweight on banks, energy, cement, pharmaceutical shares.
Lists Adani Port and Special Economic Zone, Aurobindo Pharma among top large-cap picks.
Also, likes Ashok Leyland, DB Corp among midcaps.