Out of the 50 Nifty companies, 33 have declared results and the status looks quite depressing. Aggregate profits of the Nifty companies are up just 2.5% (if you added them all up), and revenues are down.
The biggest performer, Vedanta (previously Sesa Sterlite) is up so much because of a 2,200 cr. book entry for depreciation adjustments in June last year. If you ignored that, Vedanta would show profits have fallen. And if you ignored Vedanta entirely, you get a 1.45% growth in overall profits.
This is low but a few notes: