US-Iran war, April 15 -- Brokerage firm BNP Paribas, in its latest report titled 'India Strategy', said that it has trimmed its Nifty target for 2026 by 11%, down to 25,500 from the earlier estimate of 29,500, as the crude oil shock weighs on earnings outlook.

"Our optimism about the Indian Equities 2026 outlook has moderated. The Middle East conflict and the resulting oil spike are the cause, and the ceasefire, while welcome, is not a clearance event. History suggests the aftereffects of an oil shock linger for a few quarters even after the prices normalise, as India's experience in 2008, 2011 and 2022 demonstrates," the brokerage said.

The firm said that the projected earnings growth for CY26 has been revised down sharply to 11.6% fro...