For the top Nifty 50 companies, JPMorgan expects an aggregate revenue/Ebitda/PAT to grow 4%/7%/7% YoY. Among sectors, the double-digit earnings growth is likely to be driven by healthcare, insurance, building materials and capital goods; while auto, defence, staples and gas utilities will drag.
According to the global brokerage, information technology and banks will likely report muted growth in the first quarter. “We have downgraded Indian IT to ‘underweight’ post last earnings season. The investment environment is not too conducive for the Indian IT space.” Batra’s preferred sectoral picks include banks, consumer durables, and hospitals.
Frontline indices Sensex and Nifty 50 posted second straight weekly loss, weighed by uncertainty over a potential US trade deal and weak earnings from IT major Tata Consultancy Services Ltd. The Nifty 50 fell 1.22% to 25,149.85 points this week, while the BSE Sensex lost 1.12% to 82,500.47. Nifty IT was the biggest sectoral loser as it fell 3.8% this week due to weak TCS earnings and uncertainty over US President Donald Trump’s tariffs.
However, domestic brokerages note that despite facing geopolitical uncertainty and war, the Nifty 50 benchmark has given a 6% return so far. The Indian benchmark has underperformed in calendar year 2025 so far in the emerging market space.