The initial result previews published by research houses suggest that the process of earnings downgrades is bottoming out. About a year back, the analysts were expecting the FY13 earnings for the Sensex at Rs 1,370. This now stands at Rs 1,260. A combination of global uncertainties, a weak rupee and slowdown in the Indian economy has led to an almost 8 per cent downgrade in Sensex earnings for 2012-13, over the past one year. However, experts now believe there is limited scope for further downgrades.