As India Inc prepares to report its April-June 2019 quarter numbers for financial year 2019-20 (Q1FY20), analysts at Morgan Stanley expect the financial sector to lead earnings growth. For the recently concluded quarter, they peg the earnings growth for the companies they cover (ex-financials) to fall 4 per cent year-on-year (YoY), but rise 29 per cent YoY if the oil PSUs are excluded from the aggregate.
Domestic equity benchmark BSE Sensex fell over 250 points in early trade Tuesday dragged by losses in HDFC twins and TCS as Budget tax proposals continued to spook investors.
After dropping over 253 points in opening session, the 30-share index pared some losses to trade 152.50 points, or 0.39%, lower at 38,568.07 at 0930 hours. Similarly, the broader Nifty shed 49.25 points, or 0.43%, to 11,509.35.
The market ended flat after a volatile trading on Wednesday with the Sensex was up 22.77 points at 39,839.25, while Nifty closed 6.50 points higher at 11,916.80.
Indiabulls Housing, IndusInd Bank, ITC, Zee Entertainment and Grasim Industries were among major gainers on the Nifty, while losers were Eicher Motors, GAIL, Tech Mahindra, Vedanta and Dr. Reddy's Labs.
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