SBI, Bharti Airtel, ICICI Bank, Eternal, Bajaj Finance shares among MOFSL's top Nifty bets
Reliance Industries Ltd (RIL), JSW Steel Ltd, ICICI Bank Ltd, Bajaj Finance Ltd, and Axis Bank Ltd, MOFSL contributed 59 per cent to the incremental YoY accretion in Nifty earnings.
- Aug 3, 2026,
- Updated Aug 3, 2026 8:10 AM IST
Bharti Airtel Ltd, State Bank of India (SBI), ICICI Bank Ltd, Mahindra & Mahindra (M&M), Titan Company Ltd and Eternal Ltd are some of the Nifty stocks that MOFSL prefers in the ongoing results season. Shriram Finance Ltd, Bajaj Finance Ltd, and InterGlobe Aviation Ltd are three other NIfty stocks that it likes.
A total of 39 Nifty companies announced their June quarter results accounting for 76 per cent of the estimated PAT for Nifty and 82 per cent of weightage in the Nifty. These Nifty companies have reported an earnings growth of 11 per cent YoY against MOFSL's estimate of 7 per cent YoY. The growth was led by Reliance Industries Ltd (RIL), JSW Steel Ltd, ICICI Bank Ltd, Bajaj Finance Ltd, and Axis Bank Ltd, MOFSL said.
These five companies contributed 59 per cent to the incremental YoY accretion in earnings. Conversely, InterGlobe Aviation, ITC, Dr Reddy’s Labs, Cipla, and Maruti Suzuki dragged Nifty earnings lower. Six companies within the Nifty reported lower-than-expected profits, while 20 posted a beat, and 13 recorded in-line results, MOFSL said.
MOFSL said Nifty's FY27 earnings per share (EPS) estimated remained stable at Rs 1,225, as the upgrades in Reliance Industries Ltd, ICICI Bank Ltd, Bajaj Finance Ltd, Bajaj Finserv Ltd, Shriram Finance Ltd, Bajaj Auto Ltd, Larsen & Toubro Ltd, and Ultratech Cement Ltd were offset by downgrades of HDFC Bank, Interglobe Aviation, Tata Steel, Maruti Suzuki, Dr Reddy’s Labs, and Infosys.
The FY28E EPS was also stable at Rs 1,424 against Rs 1,422 earlier.
"June quarter earnings have been better than estimates, with the intensity of earnings cuts moderating. The beat-miss ratio for its coverage universe remained favorable, with 49 per cent of the companies exceeding its estimates, while 22 per cent reported a miss at the PAT level," MOFSL said.
Over the past two years, the Indian market has experienced a phase of heightened volatility, prolonged consolidation, and time correction, driven by uncertainties related to the US trade tariff war, evolving domestic policy dynamics, energy price shocks, and supply disruptions stemming from the West Asia conflict.
MOFSL said a robust pipeline of large IPOs and capital-raising activities is likely to test market liquidity. "The market's ability to absorb this supply without disrupting secondary-market flows will be an important indicator of underlying liquidity conditions," it said.
Meanwhile, TVS Motors, Radico Khaitan, Indian Hotels, RBL Bank, Dixon Tech, Coforge, Kirloskar Oil Engines, Arvind, TBO TEK, Delhivery, HDFC AMC, Meesho, and BSE are among non-Nifty stocks that MOFSL prefers.
MOFSL said its model portfolio broadly reflects its preference for growth visibility, structural domestic growth plays, and select global value names. It said this is a bottom-up market, despite India experiencing both time and price corrections relative to EM peers.
"We are OW on Diversified Financials, Automobiles, New Age Tech Platforms, Manufacturing & Industrials, and Consumer Discretionary sectors. In contrast, we are UW on Private Banks, Consumer Staples, Energy/Telecom, Commodities, Utilities, and Renewables. We maintain our Neutral stance on Healthcare. We have also made numerous additions from a bottom-up perspective across sectors," the brokerage said.
Bharti Airtel Ltd, State Bank of India (SBI), ICICI Bank Ltd, Mahindra & Mahindra (M&M), Titan Company Ltd and Eternal Ltd are some of the Nifty stocks that MOFSL prefers in the ongoing results season. Shriram Finance Ltd, Bajaj Finance Ltd, and InterGlobe Aviation Ltd are three other NIfty stocks that it likes.
A total of 39 Nifty companies announced their June quarter results accounting for 76 per cent of the estimated PAT for Nifty and 82 per cent of weightage in the Nifty. These Nifty companies have reported an earnings growth of 11 per cent YoY against MOFSL's estimate of 7 per cent YoY. The growth was led by Reliance Industries Ltd (RIL), JSW Steel Ltd, ICICI Bank Ltd, Bajaj Finance Ltd, and Axis Bank Ltd, MOFSL said.
These five companies contributed 59 per cent to the incremental YoY accretion in earnings. Conversely, InterGlobe Aviation, ITC, Dr Reddy’s Labs, Cipla, and Maruti Suzuki dragged Nifty earnings lower. Six companies within the Nifty reported lower-than-expected profits, while 20 posted a beat, and 13 recorded in-line results, MOFSL said.
MOFSL said Nifty's FY27 earnings per share (EPS) estimated remained stable at Rs 1,225, as the upgrades in Reliance Industries Ltd, ICICI Bank Ltd, Bajaj Finance Ltd, Bajaj Finserv Ltd, Shriram Finance Ltd, Bajaj Auto Ltd, Larsen & Toubro Ltd, and Ultratech Cement Ltd were offset by downgrades of HDFC Bank, Interglobe Aviation, Tata Steel, Maruti Suzuki, Dr Reddy’s Labs, and Infosys.
The FY28E EPS was also stable at Rs 1,424 against Rs 1,422 earlier.
"June quarter earnings have been better than estimates, with the intensity of earnings cuts moderating. The beat-miss ratio for its coverage universe remained favorable, with 49 per cent of the companies exceeding its estimates, while 22 per cent reported a miss at the PAT level," MOFSL said.
Over the past two years, the Indian market has experienced a phase of heightened volatility, prolonged consolidation, and time correction, driven by uncertainties related to the US trade tariff war, evolving domestic policy dynamics, energy price shocks, and supply disruptions stemming from the West Asia conflict.
MOFSL said a robust pipeline of large IPOs and capital-raising activities is likely to test market liquidity. "The market's ability to absorb this supply without disrupting secondary-market flows will be an important indicator of underlying liquidity conditions," it said.
Meanwhile, TVS Motors, Radico Khaitan, Indian Hotels, RBL Bank, Dixon Tech, Coforge, Kirloskar Oil Engines, Arvind, TBO TEK, Delhivery, HDFC AMC, Meesho, and BSE are among non-Nifty stocks that MOFSL prefers.
MOFSL said its model portfolio broadly reflects its preference for growth visibility, structural domestic growth plays, and select global value names. It said this is a bottom-up market, despite India experiencing both time and price corrections relative to EM peers.
"We are OW on Diversified Financials, Automobiles, New Age Tech Platforms, Manufacturing & Industrials, and Consumer Discretionary sectors. In contrast, we are UW on Private Banks, Consumer Staples, Energy/Telecom, Commodities, Utilities, and Renewables. We maintain our Neutral stance on Healthcare. We have also made numerous additions from a bottom-up perspective across sectors," the brokerage said.