Citi India Strategy: Nifty valuation reasonable post 10% correction; upgrades cement to overweight

Citi's latest India strategy report suggests that the recent market correction presents opportunities for long-term investors. While earnings show sectoral variations, Citi anticipates growth driven by public spending and rural demand. Despite strong domestic investments, continued FII selling remains a concern. Citi upgrades cement to "Overweight" and sets a cautiously optimistic Nifty target of 25,000 by September 2025.