Citigroup Inc.’s brokerage arm on 17 July cut its stance on Indian equities to “neutral” from “overweight,” citing the market’s sharp rebound since April. The firm said the Nifty 50 index has climbed more than 15% from its April lows, reducing the relative upside it sees in India compared with other emerging markets. At the same time, Citi upgraded Chinese and South Korean equities to “overweight,” signalling a shift in its emerging-market allocation. The bank did not detail earnings or valuation targets, but it framed the changes as part of a broader rebalancing after recent performance divergences among Asian markets.