Nifty 50 above 27,000? PL Capital raises target, sees more upside in Indian stock markets but flags key risks

PL Capital raised its one-year Nifty 50 target to 27,019 from 26,449, citing improving macroeconomic conditions, easing crude prices, a temporary West Asia ceasefire and resilient domestic demand. The brokerage cut its FY27 and FY28 Nifty earnings estimates by 0.9% and 0.4% respectively, but expects Q1 FY27 profit after tax to grow 14% year-on-year excluding oil and gas. It flagged downside risks from geopolitical tensions, the rising probability of a Super El Nino, uneven monsoon distribution and potential inflationary pressures in H2 FY27.