India's corporate sector is likely to report a slowdown in revenue growth and earnings for the July-September 2023 period (Q2FY24), according to earnings estimates by brokerages, after the country's top listed companies posted higher than expected profits for the first quarter. The combined net profit of Nifty50 companies, based on brokerage estimates, is expected to have grown by 19.6 per cent year-on-year (Y-o-Y) to Rs 1.75 trillion in Q2FY24 - a sharp deceleration from 37.6 per cent Y-o-Y growth in the combined earnings of index companies in the April-June 2023 period. According to estimates, the combined earnings in the second quarter would be down 8.8 per cent on a quarter-on-quarter (Q-o-Q) basis and the lowest in the past three quarters.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
Companies write off investments, shed assets as initial projections go haywire
Sensex ended at 26,272 up 125 points and Nifty ended at 7,831 up by 35 points.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Ten of top 15 companies in 1991 were PSUs; now, there are only six. Their revenue share has also fallen from 86% to 45%
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Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth.
Stocks of companies having operations and exports to Europe were the top losers.
Technical rallies and short covering may arise only if the markets break this 500 point band
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The FPI holding in India's top 100 companies, which are part of the Nifty 100 index, declined to 24.23 per cent on average at the end of March this year, from a high of 27.5 per cent at the end of March 2021. This is the lowest FPI holdings in India's top listed companies in at least three years. A general sell-off by FPIs has weighed on stock prices and the benchmark S&P BSE Sensex is down 8.5 per cent, from its 52-week high made in October 2021. Most analysts expect FPI flows to remain weak in FY23 as well, given rising bond yields in the US and an expected earnings slowdown in India due to high inflation and commodity prices.
Sensex rises, snapping two-session losing streak; banks, auto gain.
Of these, three stocks belong to the automobile pack and two are from the pharma.
The broader markets, however, outperformed the benchmark indices -- BSE Midcap and Smallcap indices ended up 0.6%-1%.
Overseas investors were one of the heavy buyers.
'The mismatch between valuations and fundamentals is startling,' warns Devangshu Datta
The 30-share Sensex ended down 32 points at 28,851 and the 50-share Nifty closed 12 points lower at 8,712.
Bank shares were the top gainers led by ICICI Bank.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
The winter session of Parliament will commence on November 26.
Asian markets were trading mixed with shares in China witnessing profit taking after sharp gains in the previous session.
RIL, HDFC twins, M&M, Infosys among the top losers for the day.
An expectation of tax sops in Budget, weakness of dollar and robust tax collection are adding positive sentiment
Many top corporate groups hit hard, in penalties and sunk investments, beside loss of future revenue
Benchmark share indices opened lower on Monday, amid weak global cues, as investors turned cautious ahead of the US Federal Reserve stance on interest rate.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The breakdown of talks between Greece and its international creditors raised fears of Greece's exit from the euro zone.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sensex eneded lower on poor perfromance by financials and IT stocks.
Tata Steel, SBI, L&T and Sun Pharma advanced 2-5% each.
In the broader market, the S&P BSE Midcap added over 1% to finish at record closing high
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
In a live chat on rediff.com held on Friday, July 11, well-known equity specialist Devang Mehta discussed what effect the Budget will have on the stock markets -- from how NOT to lose money in the markets to which are the safest stocks.
Yuan depreciation will make imports in China more expensive, depressing demand, especially for commodities.
Most of the index heavyweights are yet to declare their results.
Shares of rate sensitive sectors such as realty, infrastructure, banking and automobiles ended higher ahead of the Reserve Bank of India (RBI) mid-quarter policy review on June 17.
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