New Delhi, April 11 -- BofA Securities has cut its earnings growth estimate for the Nifty for FY27 and said markets are "not in a value zone" yet, even as the risk-reward is turning favourable, according to its latest report titled 'Equity Strategy - India: Reasonable or a bargain?'.

"We proactively cut our FY27 Nifty earnings growth further to 8.5% YoY vs 11% in early March and 14% pre conflict," the report said.

The brokerage attributed the downgrade to ongoing geopolitical tensions and rising commodity prices, warning of pressure on both growth and corporate profitability.

"We see potential of a two-fold impact... a) Margin Shock... and b) Growth Shock," it said.

It explained that higher energy and commodity prices could push infla...