The Close

The Long Desk

The Close · The Open · The Long Desk · Archive · Research
Fri, 4 Sep 2026
1440 companies · 1461 sector slots · 21 sectors · 10 below Rs1000cr and not scanned · long-term lens

Trend Spotlight

India's Q1 FY27 GDP grew 7.8% YoY, beating consensus and RBI's own forecast, even as the rupee sits near record lows and Brent holds near $95/bbl.

MoSPI's August 31 release showed real GDP growth of 7.8% YoY for Q1 FY27 (Apr-Jun 2026), above the 7.1% Reuters consensus and RBI's own 7.0% estimate, with an investment-led composition -- gross fixed capital formation rose 11.9% YoY and its GDP share climbed to 34.3% from 31.4% a year earlier, alongside manufacturing growth of 9.2% and services growth of 10%. That strength sits against a genuinely mixed backdrop for a long-term holder: the RBI held its repo rate at 5.25% for a fourth straight meeting, explicitly citing rupee weakness (USD/INR near 94.4-94.7, close to record lows) and global uncertainty, while Brent crude remains up roughly 19% over the trailing month near $95/bbl -- an input-cost headwind for oil-sensitive sectors even as the growth print itself supports staying invested through the day-to-day noise.

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 23,897.70 ▲ +24.25 ▲ +0.10% 20.20 2.89
Nifty Next 50 72,880.90 ▼ -170.95 ▼ -0.23% 19.27 3.24
Nifty 500 23,254.15 ▲ +0.10 ■ +0.00% 22.53 3.24
Nifty Bank 57,369.65 ▼ -10.95 ▼ -0.02% 13.57 1.72
NIFTY Midcap 100 63,079.05 ▼ -156.15 ▼ -0.25% 30.40 4.34
▲ 1403 advancing ■ 39 unchanged ▼ 1186 declining of 2628 equities, vs the 2026-09-03 close
Cash market, ₹ crore
FII / FPI net
▼ -3,111.94
bought 13,858 · sold 16,970
DII net
▲ +8,930.12
bought 19,254 · sold 10,324
FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20260904 (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
Metals & Mining Nifty Metal · 5 researched 13,317.45 ▲ +1.07% 16.2 WATCH
Financial Services Nifty Financial Services · 4 researched 26,051.00 ▲ +0.49% 16.0 WATCH
Banks Nifty Bank · 12 researched 57,369.65 ▼ -0.02% 13.6 AVOID
FMCG Nifty FMCG · 4 researched 45,892.75 ▼ -0.14% 31.8 WATCH
Energy & Power Nifty Energy · 8 researched 38,067.85 ▼ -0.19% 14.8 WATCH
Hospitality & Tourism Nifty India Tourism · 4 researched 7,816.30 ▼ -0.24% 88.2 ACCUMULATE
Automobiles Nifty Auto · 14 researched 27,710.90 ▼ -0.45% 32.2 WATCH
Information Technology Nifty IT · 15 researched 30,695.10 ▼ -0.47% 19.6 WATCH
Pharmaceuticals Nifty Pharma · 10 researched 26,478.10 ▼ -0.68% 41.0 AVOID
Healthcare & Hospitals Nifty Healthcare Index · 1 researched 16,408.05 ▼ -0.87% 43.0 WATCH
Realty Nifty Realty · 2 researched 907.90 ▼ -0.90% 38.6 WATCH
Capital Goods no listed index · 4 researched WATCH
Chemicals no listed index · 1 researched WATCH
Commercial Services no listed index · 1 researched WATCH
Construction & Materials no listed index · 1 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 WATCH
Telecom & Media no listed index · 1 researched WATCH
Textiles & Apparel no listed index · 2 researched WATCH

Movers in the universe

Largest moves among the 1437 tracked names this session, against the 2026-09-03 close.

CompanyCallPrev CloseMove
Jindal Worldwide Ltd JINDWORLD HOLD ₹48.15 ₹57.51 ▲ +19.44%
New India Assurance Company Ltd NIACL AVOID ₹195.33 ₹229.91 ▲ +17.70%
Rane (Madras) Ltd RML BUY ₹1,127.40 ₹1,295.90 ▲ +14.95%
PC Jeweller Ltd PCJEWELLER HOLD ₹10.52 ₹11.86 ▲ +12.74%
Saraswati Commercial (India) Ltd ZSARACOM HOLD ₹10,227.00 ₹11,302.00 ▲ +10.51%
Federal-Mogul Goetze (India) Ltd FMGOETZE BUY ₹613.70 ₹501.45 ▼ -18.29%
Dynamic Cables Ltd DYCL BUY ₹544.30 ₹487.90 ▼ -10.36%
Jayaswal Neco Industries Ltd JAYNECOIND AVOID ₹98.68 ₹89.04 ▼ -9.77%
KEI Industries Ltd KEI AVOID ₹5,327.00 ₹4,850.00 ▼ -8.95%
Jaykay Enterprises Ltd JAYKAY HOLD ₹166.46 ₹153.69 ▼ -7.67%

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 (21)

new
Weighted average rating 4.46/5 including quality and value — the rare combination.
new
Mixed signal (weighted avg 3.35/5 across available lenses) — no strong edge either way.
new
Mixed signal (weighted avg 3.49/5 across available lenses) — no strong edge either way.
new
Mixed signal (weighted avg 2.53/5 across available lenses) — no strong edge either way.
new
Good business, bad price today (Value 1/5) — PEG 1.7; P/E cheaper than 0% of sector peers (P/E 17.49); EV/EBITDA 14.0, B/M 0.101. Watch for a better entry.
new
Weighted average rating 2.46/5 across the panel — too many weak lenses to own.
new
Weighted average rating 4.44/5 including quality and value — the rare combination.
new
Good business, bad price today (Value 1/5) — PEG n/a; P/E cheaper than 17% of sector peers (P/E 13.56); EV/EBITDA 9.2, B/M 0.291. Watch for a better entry.
new
Mixed signal (weighted avg 3.61/5 across available lenses) — no strong edge either way.
new
Mixed signal (weighted avg 3.51/5 across available lenses) — no strong edge either way.
new
Good business, bad price today (Value 1/5) — PEG n/a; P/E cheaper than 34% of sector peers (P/E 37.46); EV/EBITDA 40.2, B/M 0.131. Watch for a better entry.
new
Mixed signal (weighted avg 2.68/5 across available lenses) — no strong edge either way.

and 9 more.

Awaiting a second session (21)

TickerClosePublished PendingNote
ARTEMISMED ₹332.80 BUY QUALITY-WAIT if next session holds
BBL ₹2,289.30 AVOID HOLD if next session holds
CAMPUS ₹223.24 QUALITY-WAIT BUY if next session holds
CMLL ₹503.05 HOLD BUY if next session holds
CMPDI ₹243.92 HOLD QUALITY-WAIT if next session holds
DPABHUSHAN ₹1,414.20 HOLD BUY if next session holds
DYCL ₹487.90 BUY HOLD if next session holds
FLAIR ₹243.71 HOLD BUY if next session holds
GENESYS ₹230.88 AVOID HOLD if next session holds
ICICIGI ₹1,510.00 AVOID HOLD if next session holds
INDIAMART ₹1,726.40 HOLD BUY if next session holds
KDDL ₹3,911.00 HOLD QUALITY-WAIT if next session holds
MARUTI ₹12,694.00 BUY HOLD if next session holds
MATRIMONY ₹529.05 HOLD BUY if next session holds
NH ₹1,858.50 QUALITY-WAIT BUY if next session holds
POWERMECH ₹2,306.10 BUY HOLD if next session holds
SANGHVIMOV ₹439.20 BUY HOLD if next session holds
STYLAMIND ₹3,387.40 BUY QUALITY-WAIT if next session holds
TATASTEEL ₹188.79 HOLD BUY if next session holds
TVSHLTD ₹13,374.00 AVOID HOLD if next session holds
ZFCVINDIA ₹2,551.90 HOLD QUALITY-WAIT if next session holds

Top Stories

Courts have struck down the base H-1B fee twice over, undercutting the case for DHS's proposed $103,265 escalation Information Technology

A federal district court ruled the $100,000 H-1B entry fee unlawful in June 2026, and the First Circuit denied the government a stay of that ruling in July, so the fee is currently vacated pending appeal. The proclamation underpinning it also expires Sept 20, 2026 unless extended. That legal trajectory cuts against the case that DHS's newer $103,265 proposal gets finalized as proposed, though no reporting yet confirms the new figure itself has been challenged in court, and other circuit suits remain pending -- a real but partial reprieve, not a resolved question, for Indian IT's US staffing cost model.

TCS · INFY · HCLTECH · WIPRO

Bajaj Auto posts 28% YoY sales growth and a 52-week high, a bright spot in an otherwise flat AUTO sector Automobiles

Bajaj Auto's August 2026 total sales rose 28% YoY to 535,764 units, with exports up 51% and two-wheelers up 30%; shares touched a 52-week high above the company's own buyback price. It's a genuine company-specific strength signal -- not evidence the broader AUTO sector (down 0.52% today) is turning -- but is notable alongside a pending BAJAJ-AUTO quality-rating flip to HOLD, which this data argues against.

BAJAJ-AUTO

Lohia Corp's client base checks out clean; the promoter family's zero-dividend, 100%-OFS listing is the more interesting caveat Construction & Materials

DRHP-sourced IPO-review material shows no single customer accounts for more than 3% of Lohia Corp's FY26 revenue across 2,000+ customers in roughly 100 countries -- consistent with, not new beyond, the low customer-concentration read already factored into the stock's existing Franchise Risk rating. The more notable new detail this session: despite FY26 profit growth from Rs 118cr to Rs 193cr and an ROE near 44-45%, the company still pays a 0% dividend, and July 2026's listing was the promoter family's second attempt after a smaller 2022 offer-for-sale was never launched -- both send roughly Rs 1,101 crore to promoter/family sellers rather than the company, worth tracking as an alignment signal alongside the already-known Leesona guarantee and Sundarlam related-party exposure that are not revisited by today's search.

LCL

Muthoot Finance sharply raises FY26 gold-loan growth guidance to 30-35%, though the asset-quality read leans on management's own framing Financial Services

MD George Alexander Muthoot raised FY26 gold-loan growth guidance to 30-35% from 15%, citing favorable RBI rule changes, higher gold prices and tighter unsecured-credit norms pushing demand toward organized lenders. A reported rise in Stage-3 assets/provisions was attributed by management to an RBI-directed shift from loan-level to borrower-level NPA classification rather than genuine credit deterioration -- a framing this session's single search could not independently corroborate against a second source, worth checking again at the next print.

MUTHOOTFIN

Three lubricant names face pending BUY-to-HOLD/QUALITY-WAIT reviews, with this session's governance findings pointing different directions Energy & Power

Castrol India's MD transition -- Kedar Lele's Dec-2025 resignation resolved by Saugata Basuray's five-year permanent appointment from June 2026 -- reads as an orderly internal succession, though management flagged H2 commodity-cost caution relevant to its pending BUY->QUALITY-WAIT review. Veedol Corporation is seeking shareholder approval via postal ballot (results due Sept 21) for Rs 650 crore of related-party transactions with Standard Greases & Technologies -- large relative to the company and worth the scrutiny, even though the vote itself is a normal governance control rather than a confirmed problem. Gandhar Oil Refinery, by contrast, strengthened its board by adding an independent director as risk-committee chair alongside a 100% interim dividend, evidence favoring its own pending confirmation.

CASTROLIND · VEEDOL · GANDHAR

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 20% news catalyst + 15% technicals, for the 2 sectors with a researched catalyst. The other 19 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 · 15 researched WATCH 60.6 62.4 78.7 38.6 +0 ▼ -0.47% 19.6 15/8/44/8
Banks 40 scanned · 12 researched AVOID 40.4 24.1 52.3 64.2 ▼ -0.02% 13.6 0/0/30/10
Pharmaceuticals 85 scanned · 10 researched AVOID 43.8 16.9 72.0 68.4 ▼ -0.68% 41.0 0/17/58/10
Automobiles 109 scanned · 14 researched WATCH 50.3 25.3 78.3 69.2 +0 ▼ -0.45% 32.2 34/19/44/12
FMCG 106 scanned · 4 researched WATCH 56.1 50.0 68.3 52.0 ▼ -0.14% 31.8 14/21/54/17
Metals & Mining 82 scanned · 5 researched WATCH 46.4 26.2 68.2 63.9 ▲ +1.07% 16.2 16/10/37/19
Realty 38 scanned · 2 researched WATCH 52.7 50.0 52.1 60.9 ▼ -0.90% 38.6 3/2/14/19
Energy & Power 82 scanned · 8 researched WATCH 50.7 38.8 63.6 61.1 ▼ -0.19% 14.8 10/7/33/32
Financial Services 150 scanned · 5 ranked elsewhere · 4 researched WATCH 50.4 50.0 44.2 61.6 ▲ +0.49% 16.0 11/4/84/51
Healthcare & Hospitals 57 scanned · 16 ranked elsewhere · 1 researched WATCH 47.1 22.8 74.6 66.0 ▼ -0.87% 43.0 11/14/26/6
Hospitality & Tourism 37 scanned · 4 researched ACCUMULATE 62.4 63.8 69.5 46.6 ▼ -0.24% 88.2 15/4/8/10
Chemicals 100 scanned · 1 researched WATCH 57.8 50.0 68.5 61.0 15/15/46/24
Construction & Materials 126 scanned · 1 researched WATCH 59.7 64.6 62.3 42.5 18/11/59/38
Capital Goods 103 scanned · 4 researched WATCH 49.3 26.2 78.1 62.8 18/19/50/16
Textiles & Apparel 48 scanned · 2 researched WATCH 52.1 42.6 62.0 61.2 11/8/15/14
Retail & Consumer 66 scanned WATCH 58.8 50.0 68.7 66.1 7/10/30/19
Packaging & Plastics 34 scanned WATCH 49.5 32.2 65.3 69.5 8/4/14/8
Logistics & Transport 25 scanned · 1 researched WATCH 47.0 27.3 70.0 61.0 9/3/6/7
Telecom & Media 29 scanned · 1 researched WATCH 52.3 50.0 60.3 45.0 8/1/9/11
Commercial Services 29 scanned · 1 researched WATCH 57.5 58.0 52.8 63.8 5/2/10/12
Diversified & Other 40 scanned · 1 researched WATCH 48.0 35.9 59.5 61.1 2/5/18/15

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

Stocks to Watch

Split 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. Each shows the figures that selected it — open the desk for the full six-lens panel.

new call this session
P/E in the 98th percentile of its own 3-year range · ROCE 28.2% (up 3.2pt over 5y)
Composite 51.9 Mkt Cap 328,931 cr · Large P/E 27.88 ROCE 28.2% Piotroski 5/9
new call this session
P/E in the 49th percentile of its own 3-year range · ROCE 60.3% (up 3.3pt over 5y) · Piotroski 7/8
Composite 70.1 Mkt Cap 18,822 cr · Mid P/E 17.49 ROCE 60.3% Piotroski 7/8
new call this session
P/E in the 28th percentile of its own 3-year range
Composite 80.4 Mkt Cap 5,296 cr · Small P/E 13.56 ROCE 26.2% Piotroski 6/9
new call this session
P/E in the 41th percentile of its own 3-year range · ROCE 24.1% (down 1.9pt over 5y) · Piotroski 7/9
Composite 63.5 Mkt Cap 2,574 cr · Micro P/E 11.66 ROCE 24.1% 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.