Nifty EPS estimates for FY23, FY24 see minor cuts; more possible

The consensus earnings estimate for Nifty companies for the ongoing (FY23) and next financial (FY24) have seen minor downward revisions

The benchmark indices gained for the fourth consecutive session on Monday amidst buying interest in index heavyweights and hopes that the pace of monetary tightening may slow down. The benchmark Sensex gained 545 points, or 0.95 per cent to close at 58,115, highest close since April 13. 

The Nifty rose 182 points, or 1.06 per cent, to finish at 17,340,  highest lelvel since April 21. From the June lows, both indices have now bounced more than 13 per cent.

“Nifty consensus earnings for FY23/24 have seen an earnings downgrade of 3.3 per cent/1.4 per cent since the late March 2022