PL Capital Revises Nifty 50 Target to 27,589 Amid Market Volatility

Brokerage PL Capital revised its 12-month Nifty 50 target to 27,589 from 27,133, warning that Indian equities could face further downside amid inflation risks and foreign investor selling.

The Nifty 50 has declined 8.2% over the past six weeks and 6% year-to-date, making India one of the weakest-performing major markets.

The Reserve Bank of India raised its repo rate by 25 basis points to 5.50% and shifted to a calibrated tightening stance amid a 13% monsoon rainfall deficit.