Citigroup holds a positive view of the Indian market and has included Axis Bank as a preferred target in India.

Citi stated that it maintains a positive outlook on the Indian stock market amid the backdrop of better-than-expected first-quarter earnings reports and the benchmark index Nifty 50 being at long-term average valuation levels. Surendra Goyal and Vijit Jain wrote in their research report that the overall year-on-year growth rate of the earnings before interest, taxes, depreciation, and amortization (EBITDA) for the constituents of the BSE-100 index on the Bombay Stock Exchange is approximately 6%, with net profit after tax growing year-on-year by about 9%, far exceeding the previously expected zero growth or slight decline. The vast majority of industries saw revenue growth surpass expectations, although some industries experienced profit margin pressures as anticipated. Citi has included Axis Bank in its list of preferred large-cap stocks and maintains an overweight rating on the financial, telecommunications, utilities, and healthcare sectors.