* Citigroup downgrades India to "underweight" from "neutral", as
part of its emerging markets review, saying a rebound in
economic growth, corporate risk appetite and the investment
cycle may not be as strong as current expectations.
* Citigroup adds the "ongoing political battles and the upcoming
2014 elections may make this year noisy."
* However, more government reform action, along with easing
inflation and falling interest rates should support equities,
added the bank.
* Citi says Indian shares can at best rise 7 percent more from