The Close

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The Close · The Open · The Long Desk · Archive · Research · Top Stocks
Fri, 25 Sep 2026
1431 companies · 1452 sector slots · 21 sectors · 18 below Rs1000cr and not scanned · long-term lens

Trend Spotlight

The Fed's first hike since 2023 lands alongside a seventh straight losing week for Indian equities and a rupee near record lows.

The FOMC raised its target range 25bp to 3.75-4% on Sept 16 — its first hike since 2023 — citing elevated inflation, with officials now projecting the fed funds rate to reach 4.1-4.4% by year-end, up from a prior 3.6-4.1% estimate. That hawkish turn, a volatile-but-elevated crude complex (Brent swinging $84-$110 over the past month), and a rupee near a record-weak 95.8-96.0 versus the dollar have coincided with Nifty extending its losing streak to seven weeks, even as India's own Q1 FY27 GDP beat estimates at 7.8%. For a long-term holder this is a cost-of-capital and EM-flows story, not a single day's move — a firmer-for-longer global rate path compounds with India's own above-target, still-rising CPI (4.82% in August, a tenth straight monthly increase) to narrow the room for RBI easing.

Sources: federalreserve.gov · cnbc.com · sundayguardianlive.com

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 23,140.50 ▲ +77.40 ▲ +0.34% 19.56 2.80
Nifty Next 50 71,778.65 ▲ +397.20 ▲ +0.56% 18.97 3.19
Nifty 500 22,603.50 ▲ +50.90 ▲ +0.23% 21.90 3.13
Nifty Bank 55,580.40 ▲ +141.90 ▲ +0.26% 13.15 1.66
NIFTY Midcap 100 60,906.00 ▼ -84.15 ▼ -0.14% 29.35 4.13
▲ 1358 advancing ■ 38 unchanged ▼ 1259 declining of 2655 equities, vs the 2026-09-24 close
Cash market, ₹ crore
FII / FPI net
▼ -3,693.93
bought 12,327 · sold 16,021
DII net
▲ +2,838.17
bought 14,036 · sold 11,198
FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20260925 (levels, index P/E and P/B) and the full-market bhavcopy (breadth).

Index P/E from NSE's official daily index file.

Sector performance

This session's index move, next to the desk's standing stance. The stance is a valuation-and-quality reading over years — it does not move because an index had a good day. Sectors with no listed NSE index show — for the session columns; the stance still applies.

SectorIndexSession Idx P/EStance
Realty Nifty Realty · 5 researched 869.35 ▲ +0.92% 36.9 WATCH
Automobiles Nifty Auto · 37 researched 26,967.90 ▲ +0.89% 31.3 WATCH
Financial Services Nifty Financial Services · 11 researched 25,094.85 ▲ +0.56% 15.4 WATCH
FMCG Nifty FMCG · 7 researched 45,941.30 ▲ +0.40% 31.9 WATCH
Metals & Mining Nifty Metal · 18 researched 13,087.15 ▲ +0.35% 15.9 WATCH
Banks Nifty Bank · 13 researched 55,580.40 ▲ +0.26% 13.2 WATCH
Energy & Power Nifty Energy · 18 researched 37,440.35 ▲ +0.21% 14.5 WATCH
Hospitality & Tourism Nifty India Tourism · 8 researched 7,789.15 ▲ +0.11% 87.8 ACCUMULATE
Pharmaceuticals Nifty Pharma · 20 researched 27,003.00 ▼ -0.10% 41.8 AVOID
Information Technology Nifty IT · 17 researched 28,160.90 ▼ -0.17% 18.0 WATCH
Healthcare & Hospitals Nifty Healthcare Index · 7 researched 16,678.55 ▼ -0.47% 43.7 WATCH
Capital Goods no listed index · 15 researched — — — WATCH
Chemicals no listed index · 8 researched — — — WATCH
Commercial Services no listed index · 6 researched — — — WATCH
Construction & Materials no listed index · 10 researched — — — WATCH
Diversified & Other no listed index · 1 researched — — — WATCH
Logistics & Transport no listed index · 6 researched — — — WATCH
Packaging & Plastics no listed index · 2 researched — — — WATCH
Retail & Consumer no listed index · 4 researched — — — WATCH
Telecom & Media no listed index · 5 researched — — — WATCH
Textiles & Apparel no listed index · 5 researched — — — WATCH

Movers in the universe

Largest moves among the 1427 tracked names this session, against the 2026-09-24 close.

CompanyCallPrev CloseMove
Shanti Gold International Ltd SHANTIGOLD HOLD ₹283.62 ₹325.68 ▲ +14.83%
TGV Sraac Ltd TGVSL HOLD ₹109.31 ₹124.78 ▲ +14.15%
Uttam Sugar Mills Ltd UTTAMSUGAR HOLD ₹260.00 ₹293.15 ▲ +12.75%
Antelopus Selan Energy Ltd ANTELOPUS HOLD ₹1,130.95 ₹1,261.70 ▲ +11.56%
Som Distilleries & Breweries Ltd SDBL HOLD ₹67.24 ₹74.36 ▲ +10.59%
Turtlemint Fintech Solutions Ltd TURTLEMINT AVOID ₹109.04 ₹87.24 ▼ -19.99%
Ola Electric Mobility Ltd OLAELEC AVOID ₹42.52 ₹38.48 ▼ -9.50%
Kapston Services Ltd KAPSTON HOLD ₹578.10 ₹535.70 ▼ -7.33%
Meesho Ltd MEESHO AVOID ₹232.84 ₹217.06 ▼ -6.78%
PVP Ventures Ltd PVP AVOID ₹65.20 ₹61.94 ▼ -5.00%

Calls this session

A change to anything but AVOID publishes only after two consecutive sessions say the same thing; AVOID publishes at once.

Sector stance changed (1)

Published this session (3)

BUY
new
unconfirmed: business, sector
Unconfirmed: business, sector not checked — Weighted average rating 4.18/5 including quality and value — the rare combination.
BUY
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.07/5 including quality and value — the rare combination.
QUALITY-WAIT
new
Good business, bad price today (Value 2/5) — PEG 4.59; P/E cheaper than 31% of sector peers (P/E 34.87); EV/EBITDA 16.1, B/M 1.198. Watch for a better entry.

Awaiting a second session (31)

TickerClosePublished PendingNote
ANTELOPUS ₹1,261.70 HOLD → QUALITY-WAIT if next session holds
APOLLOTYRE ₹400.10 HOLD → BUY if next session holds
ARTEMISMED ₹357.70 BUY → QUALITY-WAIT if next session holds
AXISBANK ₹1,222.40 AVOID → HOLD if next session holds
BANCOINDIA ₹599.85 HOLD → BUY if next session holds
CCAVENUE ₹15.89 BUY → HOLD if next session holds
DEEPINDS ₹781.10 HOLD → BUY if next session holds
ENDURANCE ₹2,645.90 QUALITY-WAIT → BUY if next session holds
FIEMIND ₹1,965.50 HOLD → BUY if next session holds
GALLANTT ₹545.10 QUALITY-WAIT → HOLD if next session holds
GULFOILLUB ₹1,106.60 HOLD → QUALITY-WAIT if next session holds
HEROMOTOCO ₹5,360.00 HOLD → BUY if next session holds
INDOTECH ₹3,177.70 QUALITY-WAIT → HOLD if next session holds
JLHL ₹265.65 QUALITY-WAIT → BUY if next session holds
KDDL ₹4,033.40 QUALITY-WAIT → HOLD if next session holds
KISSHT ₹348.40 BUY → HOLD if next session holds
LGBBROSLTD ₹1,735.30 HOLD → BUY if next session holds
LUMAXIND ₹5,769.00 HOLD → BUY if next session holds
MUTHOOTFIN ₹2,835.00 BUY → HOLD if next session holds
NELCAST ₹118.39 BUY → HOLD if next session holds
NRBBEARING ₹534.80 HOLD → BUY if next session holds
PRICOLLTD ₹759.40 HOLD → BUY if next session holds
RECLTD ₹312.95 BUY → HOLD if next session holds
SHARDAMOTR ₹956.35 HOLD → BUY if next session holds
SHRIPISTON ₹4,746.80 HOLD → QUALITY-WAIT if next session holds
SKFINDIA ₹1,539.80 HOLD → BUY if next session holds
SSWL ₹378.75 HOLD → BUY if next session holds
SUNDARMFIN ₹4,508.00 AVOID → HOLD if next session holds
TENNIND ₹515.25 HOLD → BUY if next session holds
TMCV ₹441.50 HOLD → BUY if next session holds
WHEELS ₹2,296.40 HOLD → BUY if next session holds

Top Stories

IRDAI formalizes insurance distribution commission caps, feedback window open to Oct 25 Financial Services

IRDAI's Sept 23 consultation paper proposes replacing the current single expense ceiling with specific commission caps (life insurers 12.5% of GDPI, general insurers 20%, five-year glide path), mandatory cost audits, seller identity-linking per policy, and commission clawbacks for mis-selling. This confirms the proposal's scope as previously flagged, but it remains a consultation, not a notified rule, and industry pushback often softens draft IRDAI proposals before finalization.

MFSL · LTF · HDFCLIFE
Sources: business-standard.com · civilsdaily.com

Two AUTO governance overhangs ease: Jamna Auto's block deal was one promoter, not two; Sundaram Clayton's auditor-vote friction hasn't escalated Automobiles

Jamna Auto's Sept 11 block deal was Pradeep Singh Jauhar alone selling ~99.95 lakh shares (6.46%->3.96% stake), not the claimed coordinated dual-promoter saledown — no report found of Randeep Singh Jauhar selling the same day, though no benign reason has been disclosed either. Separately, Sundaram Clayton's July 28 AGM passed the five-year auditor reappointment despite institutional shareholders voting 57% against it; no further governance concern (auditor, related-party, or otherwise) has surfaced since.

JAMNAAUTO · SUNCLAY
Sources: whalesbook.com · whalesbook.com

Gallantt Ispat's newly appointed CFO resigns after 4.5 months, extending an unexplained board/executive turnover pattern Metals & Mining

CFO Pradyumna Kumar Satpathy resigned effective Aug 15, just 4.5 months after his April 1 appointment, adding to a run of departures this year (two independent directors May 5, a whole-time director and another independent director April 1) all citing personal/professional reasons with no disclosed conflict. This doesn't confirm a governance problem but the pattern is continuing, not stabilizing.

GALLANTT
Sources: tipranks.com · sahi.com

Axis Bank's asset quality edges softer as unsecured retail slippages rise; MarketsMojo downgrades to Sell Banks

GNPA ticked up to 1.28% from 1.23% quarter-on-quarter and credit provisions rose to 1.2% of advances (from 0.9% in 9M FY25), driven by slippages in the unsecured retail book. Separately MarketsMojo cut Axis from Hold to Sell on 2026-09-24 on technical/valuation grounds, having already cut it from Buy to Hold in July. Overall loan and deposit growth remain strong per the same reporting.

AXISBANK
Sources: business-standard.com · marketsmojo.com

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 20% news catalyst + 15% technicals, for the 4 sectors with a researched catalyst. The other 17 show —: no catalyst was researched for them, so their score renormalises over the remaining three inputs rather than assuming a neutral headline. ≥62 accumulate · 45–61 watch · <45 avoid.

SectorStanceEntryCheap QualityTechNews IndexIdx P/EB/W/H/A
Information Technology 75 scanned · 17 researched WATCH 60.2 60.1 78.5 30.0 — ▼ -0.17% 18.0 4/9/54/8
Banks 40 scanned · 13 researched WATCH 45.7 35.3 52.3 62.1 — ▲ +0.26% 13.2 1/0/29/10
Pharmaceuticals 85 scanned · 20 researched AVOID 42.9 15.5 72.0 67.2 — ▼ -0.10% 41.8 0/20/54/11
Automobiles 110 scanned · 37 researched WATCH 50.9 28.7 78.4 63.8 +0 ▲ +0.89% 31.3 1/21/77/11
FMCG 105 scanned · 7 researched WATCH 55.8 50.0 68.8 49.4 — ▲ +0.40% 31.9 4/19/65/17
Metals & Mining 83 scanned · 18 researched WATCH 49.2 33.0 67.9 61.4 — ▲ +0.35% 15.9 0/11/53/19
Realty 39 scanned · 5 researched WATCH 51.7 50.4 52.0 54.6 — ▲ +0.92% 36.9 1/2/15/21
Energy & Power 83 scanned · 18 researched WATCH 56.3 50.0 63.4 61.4 — ▲ +0.21% 14.5 5/7/39/32
Financial Services 148 scanned · 5 ranked elsewhere · 11 researched WATCH 53.8 63.1 43.6 53.0 -0 ▲ +0.56% 15.4 4/4/87/53
Healthcare & Hospitals 58 scanned · 16 ranked elsewhere · 7 researched WATCH 48.6 26.1 73.8 64.9 +0 ▼ -0.47% 43.7 4/16/33/5
Hospitality & Tourism 37 scanned · 8 researched ACCUMULATE 64.2 63.5 68.6 58.8 — ▲ +0.11% 87.8 0/6/21/10
Chemicals 98 scanned · 8 researched WATCH 58.0 52.2 68.5 55.9 — — — 2/12/61/23
Construction & Materials 125 scanned · 10 researched WATCH 61.9 70.5 60.8 41.0 — — — 3/11/69/42
Capital Goods 101 scanned · 15 researched WATCH 51.9 30.8 78.5 64.0 — — — 10/12/65/14
Textiles & Apparel 47 scanned · 5 researched WATCH 56.0 50.0 62.6 61.0 — — — 2/6/27/12
Retail & Consumer 67 scanned · 4 researched WATCH 57.6 56.1 68.4 53.4 +0 — — 2/10/36/19
Packaging & Plastics 34 scanned · 2 researched WATCH 52.5 37.8 64.7 71.5 — — — 2/4/20/8
Logistics & Transport 25 scanned · 6 researched WATCH 45.6 29.0 67.6 53.4 — — — 6/3/9/7
Telecom & Media 29 scanned · 5 researched WATCH 52.5 50.0 60.2 46.4 — — — 3/1/14/11
Commercial Services 31 scanned · 6 researched WATCH 60.2 64.0 52.8 62.4 — — — 2/2/14/13
Diversified & Other 32 scanned · 1 researched WATCH 47.4 33.2 59.7 64.7 — — — 0/3/18/11

Source: data/verdicts.json × NSE sector index closes.

Stocks to Watch

Split evenly across large/mid/small/micro cap so this list isn't one tier's picks — new calls first, then the highest long-term composites within each. Micro-cap names are boxed and flagged Highly Volatile — worth watching, not a call to buy — since their price swings run about twice every other tier's. Each card shows the figures that selected it — open the desk for the full six-lens panel.

HOLD
P/E in the 12th percentile of its own 3-year range · ROCE 19.2% (up 12.2pt over 5y)
Composite 87.3 Mkt Cap 283,754 cr · Large P/E 127.53 ROCE 19.2% Piotroski 5/9
QUALITY-WAIT
P/E in the 13th percentile of its own 3-year range · ROCE 28.3% (up 27.3pt over 5y)
Composite 86.8 Mkt Cap 142,323 cr · Large P/E 77.85 ROCE 28.3% Piotroski 6/9
AVOID
new call this session
P/E in the 74th percentile of its own 3-year range · ROCE 32.2% (down 12.8pt over 5y)
Composite 50.7 Mkt Cap 29,355 cr · Mid P/E 29.07 ROCE 32.2% Piotroski 5/9
HOLD
P/E in the 7th percentile of its own 3-year range · ROCE 20.7% (up 31.7pt over 5y) · -26.7% off its 52-week high
Composite 87.0 Mkt Cap 18,404 cr · Mid P/E 25.35 ROCE 20.7% Piotroski 5/9
BUY
new call this session
unconfirmed: sector
P/E in the 66th percentile of its own 3-year range · ROCE 29.6% (up 1.6pt over 5y) · Piotroski 8/9
Composite 68.5 Mkt Cap 8,991 cr · Small P/E 34.19 ROCE 29.6% Piotroski 8/9
BUY
new call this session
unconfirmed: business, sector
P/E in the 95th percentile of its own 3-year range
Composite 48.3 Mkt Cap 6,911 cr · Small P/E 8.8 ROCE 7.4% Piotroski 5/7
AVOID
new call this session
Highly Volatile
P/E in the 6th percentile of its own 3-year range · ROCE 3.01% (up 0.0pt over 5y) · -25.6% off its 52-week high
Composite 50.0 Mkt Cap 1,048 cr · Micro P/E 86.42 ROCE 3.01% Piotroski 4/9
HOLD
new call this session
Highly Volatile
P/E in the 100th percentile of its own 3-year range · ROCE 12.4% (up 2.4pt over 5y) · Piotroski 7/9
Composite 43.6 Mkt Cap 2,079 cr · Micro P/E 6.58 ROCE 12.4% Piotroski 7/9

How We Evaluate

MetricWhy it is in the frameworkSource
Return on capital, level and trendDurable high ROCE predicts future returns; the trend separates a moat from a good year Novy-Marx 2013 JFE
Gross profitability (GP/assets)As predictive as book-to-market, and less prone to the value trap Novy-Marx 2013 JFE
Piotroski F-scoreA nine-signal accounting checklist that separates real improvers from statistically cheap traps Piotroski 2000 JAR
Cash-flow-to-net-profitAccrual-heavy profit reverts; cash-backed profit persists Sloan 1996 TAR
P/E versus the stock's own historyCheap relative to itself, not to a peer set that may be expensive as a whole Basu 1977 JF
Book-to-marketThe value premium, in its original form Fama–French 1992 JF
EV/EBITDACapital-structure-neutral, so it compares a leveraged firm to an unleveraged one Practitioner standard
Altman Z and interest coverageDistressed firms have delivered lower, not higher, returns — screen them out rather than chase them Altman 1968 JF; Campbell/Hilscher/Szilagyi 2008 JF
52-week-high proximity, 200-DMANearness to the high has predicted continuation — but momentum crashes, so never alone George & Hwang 2004 JF; Daniel & Moskowitz 2016 JFE
Promoter pledgePledged promoter holding is a governance red flag ahead of a forced sale Not currently available from either source — no penalty is applied

Full derivation in METHODOLOGY.md.