Mixed bag1 min read . Updated: 20 Aug 2010, 12:27 AM IST
Aggregate earnings of Nifty firms fell for the first time in four quarters as rising raw material and wage costs eroded profitability of top companies, even as sales growth remained robust at 25.41%. The trend in the broader market was similar with aggregate earnings of 468 firms in the BSE 500, down by 13% after growing by 6% in the March quarter. The BSE 500 contributes to 93% of market capitalization on the Bombay Stock Exchange (BSE). Auto, banking and financial sectors emerged as the top performers with many firms receiving upgrades in these sectors. Sectors such as cement, oil and gas and telecom received downgrades even as analysts feel that the worst might be over, especially for oil and gas and telecom.
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Compiled by Ashwin Ramarathinam and Pramit Bhattacharya