Emkay Global has slashed its Nifty target by 4% to 25,000, citing a weak earnings season marked by sluggish consumption and deteriorating cash flows. However, the brokerage emphasised that while earnings trends have softened, they do not signal a cause for alarm. Despite the 10% correction in benchmark Nifty index since September 27, Emkay expects markets to “mark time” in the immediate future.