Sensex gains over 250 pts, Nifty opens above 8500

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The 64 companies under the coverage which have reported thus far, the brokerage has raised FY17 earnings estimates for 39 percent of them and downgraded for 41 percent. Consumer staples and print media disappointed but autos, select private banks and commodities beat expectations. He says during results season, FY17 consensus Nifty earnings estimates were lowered by 1 percent, a much-improved trend compared to last year. 

 

Festive season demand has been robust, especially for autos and jewellery. If this trend continues, H2FY17 will be far better for corporate earnings which will also have a low base to help, he feels.