Mumbai: Citigroup has tweaked its model portfolio to be more defensive given elevated valuations and multiple risks, including high commodity prices. The firm has reallocated weightage from financials to defensives such as consumer staples, utilities, IT, and pharma. It has removed IndusInd Bank from the portfolio after outperformance in the last few months. “Continued rise in commodity prices + elevated FY22 estimated consensus growth expectations with valuations at over 21 times FY22 estimated EPS are the risks,” said Citi’s Surendra Goyal and Vijit Jain. Citi has a target of 14,800 on the Nifty by December this year, which implies a minor downside from current levels. The Nifty closed at 15,030.95 on Friday.