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The Close · The Open · The Long Desk · Archive · Research · Top Stocks
Wed, 21 Oct 2026
1396 companies · 1417 sector slots · 20 sectors · 53 below Rs1000cr and not scanned · long-term lens

Trend Spotlight

Zensar's TMT client weakness is deepening on the company's own numbers, not stabilizing — the open client-exit claim stays alive.

Broker reviews of Zensar's Q4 FY26 and Q1 FY27 results show the TMT vertical (18.1% of revenue) falling further even as overall company revenue grew 8.9% YoY on BFSI strength and a large deal ramp-up, with management itself flagging further TMT decline in FY27 and continued insourcing by the top TMT client. No report of an outright client termination surfaced — this reads as insourcing/cost-cutting plus sector softness — but the trend leans toward confirming the bear case rather than the $210M-deal offset the bull case leans on. Zensar's Q3 FY27 results, the actual falsifier, are not out until January 2027.

Day ahead

RBI has already turned hawkish; the Fed's Oct 27-28 FOMC is the next global catalyst to watch.

RBI hiked repo 25bps to 5.50% on Oct 7 and shifted stance to 'calibrated tightening' after September CPI came in at 5.54% YoY, the highest since October 2024, with a rate cut now explicitly off the table near-term. Globally, the US Fed's own decision is pending (Oct 27-28); pre-meeting odds on a hike are split and unreliable, so treat it as unresolved until the actual announcement.

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 (6)

new
unconfirmed: business, sector
Unconfirmed: business, sector not checked — Weighted average rating 4.3/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 3.77/5 including quality and value — the rare combination.
new
unconfirmed: sector, news
Unconfirmed: sector, news not checked — Weighted average rating 3.93/5 including quality and value — the rare combination.
new
Good business, bad price today (Value 2/5) — PEG n/a; P/E cheaper than 22% of sector peers (P/E 37.47); EV/EBITDA 24.0, B/M 0.274. Watch for a better entry.
new
Good business, bad price today (Value 2/5) — PEG n/a; P/E cheaper than 34% of sector peers (P/E 37.08); EV/EBITDA 22.8, B/M 0.234. Watch for a better entry.
new
Good business, bad price today (Value 2/5) — PEG 106.52; P/E cheaper than 43% of sector peers (P/E 53.26); EV/EBITDA 27.7, B/M 0.137. Watch for a better entry.

Awaiting a second session (24)

TickerClosePublished PendingNote
CHALET ₹829.20 BUY → QUALITY-WAIT if next session holds
CUMMINSIND ₹4,440.00 QUALITY-WAIT → HOLD if next session holds
DOLPHIN ₹595.80 QUALITY-WAIT → HOLD if next session holds
ECLERX ₹1,928.70 QUALITY-WAIT → HOLD if next session holds
ELLEN ₹319.65 AVOID → HOLD if next session holds
ENGINERSIN ₹259.95 QUALITY-WAIT → BUY if next session holds
FINEORG ₹5,124.00 QUALITY-WAIT → HOLD if next session holds
FSL ₹284.25 HOLD → QUALITY-WAIT if next session holds
GATEWAY ₹47.98 QUALITY-WAIT → HOLD if next session holds
GODREJAGRO ₹619.70 QUALITY-WAIT → HOLD if next session holds
HBLENGINE ₹786.60 QUALITY-WAIT → HOLD if next session holds
IKS ₹1,631.70 QUALITY-WAIT → HOLD if next session holds
INTERARCH ₹1,559.80 HOLD → QUALITY-WAIT if next session holds
JLHL ₹246.45 BUY → QUALITY-WAIT if next session holds
KENNAMET ₹3,823.90 QUALITY-WAIT → HOLD if next session holds
LUMAXIND ₹5,325.00 BUY → HOLD if next session holds
MARSONS ₹120.53 QUALITY-WAIT → HOLD if next session holds
NIACL ₹168.78 AVOID → HOLD if next session holds
ROLEXRINGS ₹159.21 QUALITY-WAIT → HOLD if next session holds
SHRIPISTON ₹4,476.20 QUALITY-WAIT → BUY if next session holds
STYLAMIND ₹3,141.10 QUALITY-WAIT → BUY if next session holds
SYRMA ₹1,473.10 QUALITY-WAIT → HOLD if next session holds
TITAN ₹4,380.90 QUALITY-WAIT → HOLD if next session holds
WSTCSTPAPR ₹775.00 HOLD → BUY if next session holds

Reporting today

No tracked name reports today.

Coming up

Source: NSE event calendar, filtered to the 1396 tracked names.

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 22,811.35 ▼ -77.60 ▼ -0.34% 19.26 2.80
Nifty Next 50 67,655.30 ▼ -1,040.55 ▼ -1.51% 17.65 3.25
Nifty 500 21,837.90 ▼ -203.70 ▼ -0.92% 21.30 3.06
Nifty Bank 54,976.90 ▼ -511.20 ▼ -0.92% 12.70 1.66
NIFTY Midcap 100 57,565.85 ▼ -922.10 ▼ -1.58% 26.91 3.66
▲ 334 advancing ■ 19 unchanged ▼ 2335 declining of 2688 equities, vs the 2026-10-19 close
Cash market, ₹ crore
FII / FPI net
▲ +1,022.32
bought 17,004 · sold 15,982
DII net
▲ +1,614.32
bought 14,932 · sold 13,317
FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20261021 (levels, index P/E and P/B) and the full-market bhavcopy (breadth).

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

Since We Flagged

The desk's track record — every call it has published, scored over the stretch it actually stood: from the close on the day it was made (restated for any split or bonus) to the day the desk changed it, the name left coverage, or today. Each is set against Nifty 500 over the same window. A BUY should beat it; an AVOID should lag it.

CallCallsStanding Median moveMedian vs Nifty 500 Beat Nifty 500
BUY 637 32 ▼ -0.5% ▼ -0.0% 49%
QUALITY-WAIT 496 138 ▼ -2.4% ▼ -1.3% 36%
HOLD 1801 832 ▼ -2.4% ▼ -0.5% 45%
AVOID 856 350 ▼ -1.6% ▼ -0.8% 42%
CompanyCalled sinceCall Previous callAt callNow Movevs Nifty 500
PC Jeweller LtdPCJEWELLER Tue, 18 Aug 2026 HOLD — ₹9.62 ₹18.51 ▲ +92.4% ▲ +99.4%
Oriental Aromatics LtdOAL Tue, 18 Aug 2026 AVOID — ₹341.95 ₹604.50 ▲ +76.8% ▲ +83.7%
Raymond LtdRAYMOND Tue, 18 Aug 2026 HOLD — ₹625.00 ₹1,088.90 ▲ +74.2% ▲ +81.2%
SBC Exports LtdSBC Tue, 18 Aug 2026 HOLD — ₹38.66 ₹62.94 ▲ +62.8% ▲ +69.8%
Shanti Gold International LtdSHANTIGOLD Tue, 18 Aug 2026 HOLD — ₹253.85 ₹399.20 ▲ +57.3% ▲ +64.2%
STL Networks LtdSTLNETWORK Tue, 18 Aug 2026 AVOID — ₹25.68 ₹39.01 ▲ +51.9% ▲ +58.9%
D.P. Abhushan LtdDPABHUSHAN Tue, 18 Aug 2026 HOLD — ₹1,457.20 ₹2,207.60 ▲ +51.5% ▲ +58.5%
MV Electrosystems LtdMVELECTRO Tue, 18 Aug 2026 AVOID — ₹574.10 ₹866.35 ▲ +50.9% ▲ +57.9%
Elitecon International LtdELITECON Tue, 18 Aug 2026 HOLD — ₹17.13 ₹6.44 ▼ -62.4% ▼ -55.4%
Media Matrix Worldwide LtdMMWL Tue, 18 Aug 2026 HOLD — ₹14.91 ₹21.92 ▲ +47.0% ▲ +54.0%
Shringar House of Mangalsutra LtdSHRINGARMS Tue, 18 Aug 2026 HOLD — ₹224.93 ₹312.34 ▲ +38.9% ▲ +45.8%
Bluspring Enterprises LtdBLUSPRING Tue, 18 Aug 2026 AVOID — ₹111.21 ₹154.35 ▲ +38.8% ▲ +45.8%

3790 calls scored since Wed, 5 Aug 2026: 1352 standing, 1808 closed when the desk changed the call, 630 closed when the name left coverage (at its last published close). 2029 of them are the call a name was given on entering coverage, not one the desk changed to. 1340 more standing calls with history are not shown — this table is the 12 that have moved most against Nifty 500 since they were made. 37 calls published this session are not scored yet — no session to move in. 24 have no cached close at one end of their window and are not scored. 10 entry prices restated for a split or bonus inside the window (marked adj.).

Source: data/archive/<session>.json (every published call) × data/prices/<date>.json × data/market/<date>.json (Nifty 500).

Top Stories

Zensar's TMT client weakness keeps deepening, not resolving Information Technology

Zensar's TMT vertical fell -3.8% QoQ / -16.9% YoY in Q4 FY26 and continued declining -2.3% to -9.1% in Q1 FY27, with management itself warning of further FY27 declines and continued insourcing by its top TMT client — no evidence of an outright termination, but the trend keeps the open client-exit claim unresolved rather than closing it either way.

ZENSARTECH

Engineers India's order book hits a record high, plus a new mega-pipeline feasibility mandate Construction & Materials

Engineers India's standalone order book reached an all-time high of ~₹15,109cr as of March 2026 (₹14,424cr as of June 2026), and the Petroleum Ministry has asked it to prepare a feasibility report for a proposed ₹40,000cr Oman-Gujarat undersea pipeline — a real opportunity, but only a feasibility study so far, not a booked order. No October 2026 news surfaced to confirm the pending QUALITY-WAIT→BUY call flip either way.

ENGINERSIN

Bharti Airtel shareholders wave through a related-party Africa-stake swap Telecom & Media

Shareholders approved (near-unanimously, June 2026) issuing Bharti Airtel equity to promoter-group entity Indian Continent Investment Limited in exchange for a 16.31% Airtel Africa stake — a related-party transaction worth flagging even with strong approval. Leadership transitions (new MD/CEO, Group CFO, Group Chief Regulatory Officer) through Jan-June 2026 read as orderly succession, not an exodus; no client loss or guidance cut found.

BHARTIARTL
Sources: bharti.com · airtel.in

RailTel keeps stacking mid-sized government orders Telecom & Media

RailTel has won a steady stream of government contracts since August — Department of Posts (~₹119cr), HRIDC signalling (~₹82cr), AP power SD-WAN (~₹29.84cr), plus UP Police and RVNL awards — pushing recent wins past ₹600cr combined. The most recent additions (Odisha education, Northern Coalfields, reported October 2026) are single-sourced to one aggregator and not yet confirmed against an exchange filing.

RAILTEL

Indus Towers' Q1 growth came in soft, with Vodafone Idea still the swing factor Telecom & Media

Indus Towers' Q1 FY27 recurring EBITDA rose only 1% QoQ, slightly below brokerage estimates, with flat ARPT and higher under-recoveries — a soft quarter, not a guidance cut. Vodafone Idea's own funding and rollout execution remains the real swing factor, with brokerages estimating 5,000-15,000 potential tenancy additions over FY27-28 depending on how that plays out.

INDUSTOWER

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 15% technicals, renormalised over those three — the 20% news catalyst is not counted because no research was written for this session. It is not treated as neutral; it is absent. ≥62 accumulate · 45–61 watch · <45 avoid.

SectorStanceEntryCheap QualityTechNews IndexIdx P/EB/W/H/A
Information Technology 74 scanned · 13 researched WATCH 60.6 61.5 78.6 28.4 — ▲ +2.88% 20.1 0/9/56/9
Banks 40 scanned · 5 researched WATCH 51.4 50.0 52.3 53.8 — ▼ -0.92% 12.7 1/0/30/9
Pharmaceuticals 87 scanned · 24 researched WATCH 49.6 30.0 71.8 65.0 — ▼ -0.19% 39.5 0/12/63/12
Automobiles 107 scanned · 30 researched WATCH 58.6 50.0 78.6 48.0 — ▼ -1.54% 29.3 10/16/71/10
FMCG 103 scanned · 10 researched ACCUMULATE 63.1 67.4 69.0 41.8 — ▼ -0.58% 30.2 0/20/63/20
Metals & Mining 80 scanned · 15 researched WATCH 55.3 50.9 68.0 45.9 — ▼ -1.71% 15.6 0/6/54/20
Realty 37 scanned · 2 researched WATCH 59.1 74.0 52.0 31.2 — ▼ -1.25% 34.1 2/2/13/20
Energy & Power 83 scanned · 11 researched WATCH 60.4 64.0 63.7 45.2 — ▼ -1.39% 14.0 4/5/41/33
Financial Services 146 scanned · 5 ranked elsewhere · 10 researched WATCH 58.7 73.4 44.2 43.9 — ▼ -1.18% 14.9 0/3/92/51
Healthcare & Hospitals 57 scanned · 16 ranked elsewhere · 11 researched WATCH 59.0 51.2 73.0 56.6 — ▼ -0.32% 40.4 4/10/37/6
Hospitality & Tourism 38 scanned · 8 researched ACCUMULATE 69.1 81.9 69.0 35.3 — ▼ -1.69% 83.9 3/5/20/10
Chemicals 101 scanned · 6 researched ACCUMULATE 64.5 70.5 67.8 43.0 — — — 3/10/60/28
Construction & Materials 124 scanned · 10 researched ACCUMULATE 65.2 79.0 61.6 34.6 — — — 4/12/68/40
Capital Goods 102 scanned · 16 researched WATCH 57.8 47.4 79.3 49.6 — — — 0/14/68/20
Textiles & Apparel 47 scanned · 5 researched WATCH 56.4 50.0 62.6 63.0 — — — 0/3/30/14
Retail & Consumer 64 scanned · 5 researched WATCH 59.8 58.8 68.7 48.1 — — — 0/9/37/18
Packaging & Plastics 31 scanned · 2 researched WATCH 58.1 54.5 65.4 55.6 — — — 1/3/18/9
Logistics & Transport 26 scanned · 6 researched WATCH 50.5 42.1 69.3 41.6 — — — 0/3/17/6
Telecom & Media 33 scanned · 3 researched WATCH 51.9 50.0 59.8 43.8 — — — 3/2/14/14
Commercial Services 37 scanned · 5 researched WATCH 49.2 50.0 52.5 41.4 — — — 0/1/21/15

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
P/E in the 11th percentile of its own 3-year range · ROCE 36.4% (up 8.4pt over 5y) · Piotroski 8/9
Composite 78.7 Mkt Cap 271,410 cr · Large P/E 44.2 ROCE 36.4% Piotroski 8/9
new call this session
P/E in the 13th percentile of its own 3-year range · ROCE 21.9% (down 5.1pt over 5y)
Composite 69.9 Mkt Cap 81,937 cr · Large P/E 33.79 ROCE 21.9% Piotroski 4/8
new call this session
P/E in the 18th percentile of its own 3-year range · ROCE 32.7% (up 19.7pt over 5y)
Composite 83.0 Mkt Cap 39,995 cr · Mid P/E 23.98 ROCE 32.7% Piotroski 6/9
new call this session
ROCE 44.6% (up 36.6pt over 5y) · Piotroski 7/9 · -30.2% off its 52-week high
Composite 72.7 Mkt Cap 17,646 cr · Mid P/E 13.83 ROCE 44.6% Piotroski 7/9
new call this session
P/E in the 0th percentile of its own 3-year range · ROCE 83.2% (up 77.2pt over 5y) · -44.1% off its 52-week high
Composite 84.0 Mkt Cap 7,756 cr · Small P/E 15.25 ROCE 83.2% Piotroski 4/9
new call this session
unconfirmed: sector, news
P/E in the 7th percentile of its own 3-year range · ROCE 11.4% (up 3.4pt over 5y)
Composite 82.8 Mkt Cap 9,512 cr · Small P/E 29.94 ROCE 11.4% Piotroski 6/9
new call this session
Highly Volatile
P/E in the 15th percentile of its own 3-year range · ROCE 34.5% (up 9.5pt over 5y) · -29.6% off its 52-week high
Composite 80.7 Mkt Cap 4,744 cr · Micro P/E 14.15 ROCE 34.5% Piotroski 4/9
new call this session
Highly Volatile
P/E in the 66th percentile of its own 3-year range
Composite 60.4 Mkt Cap 2,915 cr · Micro P/E 25.4 ROCE 9.61% Piotroski 3/9

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.