Analysts have downgraded the financial year 2019 expected earnings per share for Nifty 50 companies by 11 per cent since the beginning of the financial year to Rs 503.8.
The first quarter of the current financial year saw a downgrade of 4.2 per cent while in the second quarter it was 4.1 per cent.All sectors except two technology and utilities, have seen a downward revision in their expected earnings for financial year 2019.
In fact, all the technology stocks have been upgraded by analysts while all the consumer discretionary stocks have been downgraded.
All financials stocks with the exception of HDFC Bank have been downgraded.
Motilal Oswal has cut the FY19 Nifty EPS estimates by 4.4 per cent as per their recent research report.
They expect Nifty EPS growth of 13.1 per cent in FY19.TOP UPGRADES Two out of the top 5 stocks to be upgraded are from steel sector, there is one each from cement, pharma and energy space.TOP DOWNGRADES Three out of the top five belong to the financials space while one each from automobiles and pharmaceuticals.