Eight of the 30 index constituents are likely to see a decline in profit.

The bank expects more earnings downgrades for FY13.

Similar to previous 2 quarters Sensex EBITDA margins are expected to show a drop of 160 bps to 17.8 percent.

This is largely led by energy (-380 bps on year), auto (-185 bps) and metals (-185 bps).

It is expected to show some margin gains (+125 bps) on rupee depreciation, the bank said in a note.

The biggest contributors to growth are Infosys, ICICI Bank, HDFC Bank, State Bank of India (SBI) and ITC are expected to be the key contributors to growth.

Tata Steel, Hindalco, Maruti, Tata Motors and Reliance Industries are expected to drag.

Stocks More on Tata Motors