Macros are good but where is the market headed based on earnings, liquidity & PE multiples? Here’s the Citi view

Citi analysts predict single-digit market growth for FY25, with earnings expected to recover in subsequent years. Large private banks and downstream energy companies are currently bolstering performance, offsetting consumption weaknesses. Positive domestic flows and stabilizing FII trends support a constructive medium-term outlook, while potential tariff benefits and government spending could further aid growth.