The Close

The Long Desk

The Close · The Open · The Long Desk · Archive · Research · Top Stocks
Wed, 16 Sep 2026
1427 companies · 1448 sector slots · 21 sectors · 23 below Rs1000cr and not scanned · long-term lens

Trend Spotlight

India's retail inflation hit a 20-month high of 4.82% in August as Brent holds above $107 and the rupee sits near a record low, with the Fed expected to hike for the first time since 2023 later today.

August CPI rose for a tenth straight month on food (5.95%) and transport costs tied to the Iran-war oil shock; Brent traded near $107-108/bbl and the rupee hovered around a record-low 96/USD, pressured further by US Treasury yields near 5%. RBI has held its repo rate at 5.25%, but one brokerage flagged a possible move toward 6.5% if inflation keeps accelerating -- a genuine cost-of-capital risk for rate-sensitive, import-heavy and currency-exposed names, not a quarter of noise. The Fed's own decision (widely priced for a 25bp hike) was not yet confirmed as final at the time this was written.

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 23,217.60 ▲ +99.00 ▲ +0.43% 19.63 2.81
Nifty Next 50 70,368.60 ▲ +87.45 ▲ +0.12% 18.60 3.13
Nifty 500 22,532.00 ▲ +54.55 ▲ +0.24% 21.83 3.13
Nifty Bank 56,292.45 ▲ +497.70 ▲ +0.89% 13.32 1.69
NIFTY Midcap 100 60,874.20 ▼ -4.05 ▼ -0.01% 29.34 4.18
▲ 1197 advancing ■ 33 unchanged ▼ 1414 declining of 2644 equities, vs the 2026-09-15 close

FII/DII cash flows have not published for this session yet — NSE releases them later in the evening, after this report goes out. They appear in tomorrow morning's Open. No figure is shown here rather than the previous session's.

FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20260916 (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
FMCG Nifty FMCG · 6 researched 45,559.00 ▲ +1.63% 31.6 WATCH
Realty Nifty Realty · 5 researched 822.30 ▲ +0.99% 34.9 WATCH
Banks Nifty Bank · 13 researched 56,292.45 ▲ +0.89% 13.3 WATCH
Financial Services Nifty Financial Services · 7 researched 25,262.40 ▲ +0.74% 15.5 WATCH
Metals & Mining Nifty Metal · 11 researched 12,739.10 ▲ +0.55% 15.5 WATCH
Automobiles Nifty Auto · 30 researched 26,893.65 ▲ +0.51% 31.2 WATCH
Energy & Power Nifty Energy · 14 researched 37,183.40 ▲ +0.10% 14.4 WATCH
Healthcare & Hospitals Nifty Healthcare Index · 3 researched 16,274.65 ▼ -0.15% 42.6 WATCH
Pharmaceuticals Nifty Pharma · 14 researched 26,146.20 ▼ -0.16% 40.5 WATCH
Hospitality & Tourism Nifty India Tourism · 6 researched 7,538.25 ▼ -0.17% 85.0 WATCH
Information Technology Nifty IT · 16 researched 29,087.65 ▼ -1.58% 18.6 ACCUMULATE
Construction & Materials no listed index · 6 researched ACCUMULATE
Capital Goods no listed index · 7 researched WATCH
Chemicals no listed index · 4 researched WATCH
Commercial Services no listed index · 4 researched WATCH
Diversified & Other no listed index · 1 researched WATCH
Logistics & Transport no listed index · 1 researched WATCH
Packaging & Plastics no listed index WATCH
Retail & Consumer no listed index · 2 researched WATCH
Telecom & Media no listed index · 2 researched WATCH
Textiles & Apparel no listed index · 3 researched WATCH

Movers in the universe

Largest moves among the 1423 tracked names this session, against the 2026-09-15 close.

CompanyCallPrev CloseMove
Network People Services Technologies Ltd NPST AVOID ₹1,639.50 ₹1,834.60 ▲ +11.90%
CSB Bank Ltd CSBBANK HOLD ₹296.35 ₹328.75 ▲ +10.93%
Antelopus Selan Energy Ltd ANTELOPUS HOLD ₹1,057.80 ₹1,170.95 ▲ +10.70%
KMC Speciality Hospitals (India) Ltd KMCSHIL HOLD ₹132.80 ₹146.93 ▲ +10.64%
Foseco India Ltd FOSECOIND QUALITY-WAIT ₹6,223.50 ₹6,846.50 ▲ +10.01%
Novartis India Ltd NOVARTIND HOLD ₹2,188.00 ₹1,995.50 ▼ -8.80%
Fredun Pharmaceuticals Ltd FREDUN HOLD ₹1,327.90 ₹1,221.60 ▼ -8.01%
Navkar Corporation Ltd NAVKARCORP HOLD ₹91.58 ₹85.56 ▼ -6.57%
TVS Srichakra Ltd TVSSRICHAK HOLD ₹4,960.50 ₹4,685.50 ▼ -5.54%
Prabha Energy Ltd PRABHA AVOID ₹239.42 ₹226.58 ▼ -5.36%

Calls this session

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

Published this session (20)

new
unconfirmed: business, sector
Unconfirmed: business, sector not checked — Weighted average rating 3.85/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 3.79/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 4.2/5 including quality and value — the rare combination.
new
unconfirmed: business, sector
Unconfirmed: business, sector not checked — Weighted average rating 4.1/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 4.05/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.04/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 4.14/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 3.84/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 3.93/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 3.78/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 4.01/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.29/5 including quality and value — the rare combination.

and 8 more — full list on the site.

Awaiting a second session (16)

TickerClosePublished PendingNote
AEROFLEX ₹481.10 QUALITY-WAIT HOLD if next session holds
ANTELOPUS ₹1,170.95 HOLD QUALITY-WAIT if next session holds
CHALET ₹844.10 QUALITY-WAIT BUY if next session holds
ENDURANCE ₹2,628.40 QUALITY-WAIT BUY if next session holds
FSL ₹277.75 HOLD BUY if next session holds
GLAND ₹2,826.60 QUALITY-WAIT HOLD if next session holds
GRANULES ₹835.60 QUALITY-WAIT HOLD if next session holds
IBULLSLTD ₹28.79 HOLD BUY if next session holds
ICICIAMC ₹3,086.30 HOLD QUALITY-WAIT if next session holds
ITCHOTELS ₹153.39 HOLD QUALITY-WAIT if next session holds
NILKAMAL ₹1,920.50 QUALITY-WAIT HOLD if next session holds
NPST ₹1,834.60 AVOID HOLD if next session holds
SOLARINDS ₹18,900.00 QUALITY-WAIT HOLD if next session holds
STYLAMIND ₹3,188.10 QUALITY-WAIT BUY if next session holds
TMB ₹904.20 HOLD BUY if next session holds
VRLLOG ₹286.05 HOLD BUY if next session holds

Top Stories

DOMS margin-recovery claim still untested; Q1 call reread shows normalization is more conditional than assumed Retail & Consumer

DOMS has not yet reported Q2 or Q3 FY27 results, so the open claim that its 12.3% Q1 margin (down from 17.6%) is a temporary trough cannot yet be tested. Revisiting the Q1 FY27 call itself, management called the print the bottom and reiterated a path to 16-17% EBITDA margin by FY28 -- but explicitly conditioned that on raw material prices cooling, saying it would otherwise need another 4-5 percentage points of price hikes to close the gap. That is a more hedged framing than the original 'guided normalization' claim assumed.

DOMS

Sarda Energy's record Q1 FY27 profit supports its capacity-guidance claim, but the buildout horizon reads as FY30, not FY27/28 Metals & Mining

Sarda Energy & Minerals posted its highest-ever quarterly EBITDA and PAT in Q1 FY27, with mine development on schedule -- no evidence of management walking back its guidance to nearly quadruple coal mining capacity (1.8 to 7.1 MTPA) and double thermal capacity to 1,200 MW. Coverage now frames that roadmap against an FY30 horizon rather than FY27/28, and flags that long-dated infrastructure timelines routinely slip -- a caution on pacing, not a reversal of the plan.

SARDAEN

Steel Strips Wheels' lines are sold out; a new $5m OEM order and a Chandigarh expansion add capacity by end-2026 Automobiles

Steel Strips Wheels told analysts its existing plants are running above 95% utilisation, with the knuckle line effectively sold out. A 2-million-unit brownfield expansion near Chandigarh is due to commission before end of calendar 2026, and the company separately secured a $5 million, five-year steel-wheels order from a Southern Hemisphere OEM, with production starting at its Chennai plant.

SSWL

India's Q1 FY27 GDP grew 7.8%, beating RBI's projection despite the West Asia energy shock

Real GDP growth accelerated to 7.8% YoY in April-June 2026 (from 6.9% a year earlier), with GVA up 8.2%, manufacturing up 9.2% and investment demand up 11.9%. Multiple outlets independently report the same figure, framing it as resilience against the Iran-war-linked energy shock and rupee pressure -- a bullish counterweight to the inflation and currency story elsewhere in this report.

ONGC reaffirms FY27 production and capex guidance; Petronet completes its Dahej terminal expansion to 22.5 MMTPA Energy & Power

ONGC guided FY27 standalone production of 21 MMT crude and 21.487 BCM gas, with Rs32,000-33,000 crore capex and the KG Basin ramp-up on track, though one report flagged near-term production delays as a mixed signal. Separately, Petronet LNG completed its Dahej terminal expansion from 17.5 to 22.5 MMTPA as of March 31, 2026, adding import and regasification flexibility. Petronet also closed a minor, already-resolved Rs3.48 lakh SEBI compliance penalty from March 2026 -- immaterial, not a governance concern.

ONGC · PETRONET

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 20% news catalyst + 15% technicals, for the 1 sector with a researched catalyst. The other 20 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 · 16 researched ACCUMULATE 62.3 63.7 78.5 31.8 ▼ -1.58% 18.6 4/9/55/7
Banks 40 scanned · 13 researched WATCH 48.8 39.2 52.3 68.6 ▲ +0.89% 13.3 2/0/29/9
Pharmaceuticals 85 scanned · 14 researched WATCH 47.1 22.7 72.0 70.6 ▼ -0.16% 40.5 7/19/48/11
Automobiles 108 scanned · 30 researched WATCH 52.1 29.1 78.4 69.6 ▲ +0.51% 31.2 16/20/61/11
FMCG 103 scanned · 6 researched WATCH 59.3 58.0 69.0 46.6 ▲ +1.63% 31.6 4/21/60/18
Metals & Mining 83 scanned · 11 researched WATCH 55.1 44.5 67.9 62.0 ▲ +0.55% 15.5 8/9/49/17
Realty 38 scanned · 5 researched WATCH 56.5 62.9 52.0 47.2 ▲ +0.99% 34.9 1/1/16/20
Energy & Power 83 scanned · 14 researched WATCH 56.2 53.0 63.4 52.8 ▲ +0.10% 14.4 5/6/40/32
Financial Services 149 scanned · 5 ranked elsewhere · 7 researched WATCH 53.1 57.7 43.3 57.0 ▲ +0.74% 15.5 5/3/91/50
Healthcare & Hospitals 58 scanned · 16 ranked elsewhere · 3 researched WATCH 50.5 29.2 73.8 68.6 ▼ -0.15% 42.6 6/14/33/5
Hospitality & Tourism 38 scanned · 6 researched WATCH 61.8 66.8 67.4 39.2 ▼ -0.17% 85.0 5/4/19/10
Chemicals 99 scanned · 4 researched WATCH 60.7 59.0 68.7 51.8 2/11/63/23
Construction & Materials 122 scanned · 6 researched ACCUMULATE 63.6 76.1 61.3 34.0 4/10/68/40
Capital Goods 103 scanned · 7 researched WATCH 53.5 35.0 78.5 61.0 10/14/65/14
Textiles & Apparel 47 scanned · 3 researched WATCH 56.1 50.0 62.6 61.4 2/4/29/12
Retail & Consumer 67 scanned · 2 researched WATCH 57.2 54.0 68.4 56.8 +0 2/8/38/19
Packaging & Plastics 34 scanned WATCH 53.1 38.8 64.7 71.8 1/4/21/8
Logistics & Transport 25 scanned · 1 researched WATCH 47.0 30.6 67.6 56.6 4/3/11/7
Telecom & Media 29 scanned · 2 researched WATCH 52.4 50.0 60.2 45.6 3/1/14/11
Commercial Services 30 scanned · 4 researched WATCH 60.4 62.7 58.3 57.9 2/1/14/13
Diversified & Other 32 scanned · 1 researched WATCH 52.5 42.5 59.7 67.1 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.

new call this session
unconfirmed: sector, news
P/E in the 13th percentile of its own 3-year range · ROCE 44.8% (up 9.8pt over 5y)
Composite 79.4 Mkt Cap 55,516 cr · Large P/E 34.34 ROCE 44.8% Piotroski 5/8
new call this session
unconfirmed: sector
P/E in the 38th percentile of its own 3-year range · ROCE 29.9% (up 20.9pt over 5y) · Piotroski 7/9
Composite 75.6 Mkt Cap 93,533 cr · Large P/E 15.73 ROCE 29.9% Piotroski 7/9
new call this session
unconfirmed: sector, news
P/E in the 18th percentile of its own 3-year range · ROCE 12.4% (up 5.4pt over 5y)
Composite 75.9 Mkt Cap 37,220 cr · Mid P/E 30.01 ROCE 12.4% Piotroski 5/9
new call this session
P/E in the 93th percentile of its own 3-year range · ROCE 21.0% (down 1.0pt over 5y) · Piotroski 9/9
Composite 58.0 Mkt Cap 41,876 cr · Mid P/E 52.66 ROCE 21.0% Piotroski 9/9
new call this session
P/E in the 0th percentile of its own 3-year range
Composite 85.5 Mkt Cap 9,190 cr · Small P/E 34.52 ROCE 89.9% Piotroski 6/8
new call this session
unconfirmed: sector, news
P/E in the 0th percentile of its own 3-year range · ROCE 19.4% (up 4.4pt over 5y) · -32.6% off its 52-week high
Composite 80.8 Mkt Cap 6,350 cr · Small P/E 13.91 ROCE 19.4% Piotroski 4/9
new call this session
Highly Volatile
P/E in the 0th percentile of its own 3-year range · ROCE 16.8% (down 4.2pt over 5y) · Piotroski 7/8
Composite 64.4 Mkt Cap 1,032 cr · Micro P/E 20.98 ROCE 16.8% Piotroski 7/8
Highly Volatile
P/E in the 1th percentile of its own 3-year range · ROCE 21.2% (up 30.2pt over 5y) · -32.2% off its 52-week high
Composite 86.9 Mkt Cap 1,749 cr · Micro P/E 19.52 ROCE 21.2% Piotroski 5/8

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.