New Delhi, March 16 -- Brokerages Citi Research and Nomura have trimmed their year-end targets for India's Nifty 50, citing rising risks to growth and corporate earnings as surging oil prices and supply shocks from the escalating Middle East war darken the outlook for Asia's third-largest economy.

Citi cut its target to 27,000 from 28,500, implying a 17% upside from the Nifty's last close. The brokerage also lowered the index's target multiple to 19 times from 20 times one-year forward earnings.

Nomura cut its year-end target for the Nifty 50 to 24,900 from 29,300, implying a potential upside of 7.5%.

"The current geopolitical escalation is more concerning than the Russia-Ukraine conflict as the Strait of Hormuz accounts for 20%-25% of...