Among the Nifty 200 companies, 49 have seen earnings downgrades for FY22 of late compared to 35 upgrades. Out of the Nifty 500 stocks, 78 have seen downgrades compared to 64 upgrades in the last four weeks. Nifty’s earnings per share (EPS) estimate for FY22 has seen 1.1% cut to ₹725 from ₹733. Investors evaluate the prospects of shares on the basis of earnings estimates.