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Citigroup has raised the BSE Sensex Dec 2015 target to 33,000 from 31,000, expecting a 15% upside from Friday's close.
It raised the Nifty target to 9,850 from 9,240.
Citigroup said 2015 should be front-loaded with falling interest rates, back-loaded with actual economic recovery amid steady reforms.
It added that falling rates in a rising economy/earnings could fire the market more.
Policy rates should fall 75 bps in 2015, it said.
Citigroup rejiged its model portfolio and is now overweight on banks, energy, cement, pharmaceutical shares. It listed Adani Port and Special Economic Zone
