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Mumbai: Analysts at brokerages have upgraded their earnings estimates for about one-fifth of the NSE 500 stocks in the past four weeks after the December quarter results.
Stocks such Jindal Stainless, Godrej Agrovet, Welspun Corp, Jindal Steel & Power, ICICI Prudential Life Insurance, SBI Life Insurance, Orient Cement, SBI, APL Apollo Tubes and Finolex Industries among others have seen 10-100% upgrade in earnings estimates.
These stocks, according to Bloomberg consensus estimates, could return 10-30% over the next 12 months.
“December quarter is turning out to be the third quarter in a row to show more beats than misses indicating corporate profitability continues to be ahead of expectations which should lead to further upgrades,” said Vinod Karki, analyst, ICICI Securities.
The benchmark indices were trading with minor gains in mid-morning trade. Metal shares witnessed some bit of value buying. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 95.95 points or 0.19% to 51,405.34. The Nifty 50 index added 17.65 points or 0.12% to 15,124.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index gained 0.92%.
The market breadth was strong. On the BSE, 1586 shares rose and 1059 shares fell. A total of 153 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 107,325,989 with 2,354,308 deaths. India reported 142,562 active cases of COVID-19 infection and 155,360 deaths while 104,96,308 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Domestic equity benchmarks ended near the day s high on Thursday. FMCG and metal shares advanced while banks and financial shares corrected. As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 222.13 points or 0.43% to 51,531.52. The Nifty 50 index gained 66.80 points or 0.44% to 15,173.30.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.45%. The S&P BSE Small-Cap index gained 1.06%.
Buyers outnumbered sellers. On the BSE, 1741 shares rose and 1246 shares fell. A total of 139 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,73,58,295 with 23,54,837 deaths. India reported 1,42,562 active cases of COVID-19 infection and 1,55,360 deaths while 1,05,73,372 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.