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Published on 05-08-2026 10:36 am

Interim review 1QFY27: OMCs temper Financials and Metal strength

* The earnings of the aforesaid 211 MOFSL Universe companies inched up 2% YoY (vs. our est. of a 10% YoY dip), primarily weighed down by OMCs. Barring OMCs, the MOFSL Universe posted a 17% YoY earnings growth (vs. our est. of +13% YoY). In contrast, ex-Financials earnings declined 8% YoY (vs. an est. of -24% YoY).

* The overall earnings growth was led by BFSI (+20% YoY), Metals (+53% YoY), Technology (+11% YoY), and Automobiles (+7% YoY). In contrast, earnings growth was hit by OMCs (loss of INR181b), Cement (-8% YoY), Healthcare (-6% YoY), and Interglobe (loss of INR3.8b).

* Earnings of the 39 Nifty companies that have declared results so far have grown 11% YoY (vs. our est. of +7% YoY). The earnings growth was led by Reliance Ind., JSW Steel, ICICIB, Bajaj Finance, and Axis Bank. Conversely, Interglobe, ITC, Dr Reddy’s Labs, Cipla, and Maruti Suzuki dragged Nifty earnings lower.

* The Nifty EPS estimates for FY27 and FY28 remained largely unchanged at INR1,225 (vs. INR1,225) and INR1,424 (vs. INR1,422), respectively.

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Published on 05-08-2026 10:35 am

High-frequency indicators signal macro and earnings strength

* High-frequency macro indicators, including systemic credit growth, quarterly auto volumes, GST collections, and IIP, clearly point to a strengthening fundamental backdrop and a robust earnings cycle ahead.

* Following the moderation seen in 2025, systemic credit growth has rebounded to 18% YoY in Jul’26 (a two-year high), auto volumes are at their strongest levels since the 2022-23 peak, GST collections have consistently remained above INR 2tn, and IIP growth has accelerated to a two-year high. Together, these indicators reinforce our confidence in a strengthening macroeconomic environment

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Published on 05-08-2026 10:35 am

India’s top market cap rankings reshuffle meaningfully

* Leadership among India's largest listed companies remained remarkably stable between Mar'23 and Mar'25, with Reliance Industries, HDFC Bank, and TCS consistently occupying the top three positions by market capitalization.

* Bharti Airtel entered the top three, rising to 2nd place after recording the fastest growth in both market cap and ranking over the past five years. In contrast, TCS slipped to 6th and Infosys to 12th amid AI-led deflation concerns in the IT services sector.

* Although the top three saw only one new entrant, the rest of the top 10 witnessed a notable reshuffling with no new entrant, reflecting intensifying competition among India's largest listed companies. Notably, ITC dropped out of the top 10, falling to 22nd place.

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Published on 05-08-2026 10:25 am

Global News

• Asian Markets Surge as Tech Strength Offsets AI Spending Concerns: Asian markets rallied on Wednesday, led by gains in Japan and South Korea, as strong corporate earnings and renewed optimism for technology stocks pushed Wall Street to fresh record highs. Easing geopolitical tensions in the Middle East and hopes of progress on reopening the Strait of Hormuz drove oil prices lower, reducing inflation concerns and lifting global bond markets. While optimism supported broader equities, post-earnings declines in AMD and SpaceX highlighted continued investor concerns over rising AI-related capital expenditure. Meanwhile, expectations of a September Fed rate hike eased, the yen remained under intervention watch, and gold edged higher as lower bond yields improved its appeal.

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Published on 05-08-2026 10:24 am

Economic News

• Govt unveils tax overhaul to woo global investors, boost manufacturing: A new bill aims to attract foreign investment and support key industries. It eases rules for offshore funds and global fund managers operating from India. Tax exemptions are extended for electronics manufacturing and diamond trading activities. Digital infrastructure development is also a major focus of these proposed changes. These measures seek to enhance India's global economic competitiveness and investment appeal.

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