New Delhi, April 14 -- The earnings targets of the Nifty index in the first half of FY26 are expected to be reduced further amid the ongoing trade tensions due to the US tariff policy, according to a report by PL Capital.

The report has further lowered the targets after cutting Nifty's expected earnings per share (EPS) for FY26 and FY27 by 6.2 per cent and 5.6 per cent respectively since October 2024.

It stated, "NIFTY EPS has seen a cut in EPS by 6.2% and 5.6% for FY26/27 since Oct 24, and tariff wars and the uncertain environment can result in further cuts in 1H26."

The report now values the Nifty at a 7.5 per cent discount to its 15-year average price-to-earnings (PE) ratio of 18.9 times. Based on an expected EPS of Rs 1,460 for Mar...