Nifty 50 profit growth hits 10-quarter high of 18% in Q1

The West Asia war had limited impact on Indian corporate earnings. Efforts to contain oil supply disruptions and hold retail fuel prices stable absorbed most of the shock, the brokerage noted. The Gulf crisis is not over, and uneven rainfall could affect the current quarter, it said.

The results come as large-cap indices have been largely flat for three successive years around Independence Day. The flat trend mirrors a consolidation pattern that historically sets up 18% gains in the next year, according to Edelweiss.

The Mint editorial board, which published the analysis alongside the brokerage data, argued that sustained performance from here would improve the odds of a breakout. Uneven rainfall and the Gulf crisis remain risks for the current quarter, Motilal Oswal said.