New Delhi, July 17 -- Indian equity markets may witness a strong upward move in the coming months, with the Nifty 50 index expected to touch a new all-time high of 28,957 by December 2025 if a bull run returns, according to a report released by PL Capital.

The Nifty 50 index had previously hit an all-time high of 26,277.35 in September 2024. The report has laid out three scenarios revising its earlier targets for the Nifty 50, depending on market conditions.

In the base case, the Nifty is valued at a 2.5 per cent discount to its 15-year average price-to-earnings (PE) ratio of 18.5x, with a projected March 2027 earnings per share (EPS) of Rs 1,451.5. This leads to a 12-month target of 26,889, revised upwards from the earlier estimate of ...