Motilal Oswal has raised its FY24 projection for earnings from Nifty 50 stocks by 2.5 percent to Rs 988 on the back of robust corporate results that appear potent enough to support India's bullish economic outlook.

Nifty companies reported a 32 percent growth in earnings for the June quarter. The distribution of earnings was notably positive, with 62 percent of its analysed Universe either meeting or exceeding the profit forecasts. Nifty outperformed expectations with a 22 percent on-year growth in EBITDA, surpassing the projected 18 percent.

"We raise our FY24 Nifty EPS by 2.5 percent to Rs 988 (earlier: Rs 964) due to notable earnings upgrades in Tata Motors, JSW Steel, Bharti Airtel, SBI, and Kotak Mahindra Bank. We now expect the Nifty EPS to grow 22 percent/16 percent YoY in FY24/ FY25," Motilal said in a report.