The Close

The Long Desk

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

IRDAI's proposed commission caps on insurance distribution triggered a sharp sector selloff.

IRDAI's consultation paper proposing to cap first-year insurance distribution commissions (20% distributors / 25% individual agents, stepping down to 12.5% within five years) drove a sharp selloff across insurers and distributors — PB Fintech fell as much as 36% intraday, HDFC Life closed down 6.2%, and Max Financial Services and L&T Finance fell up to 12% intraday, dragging the Financial Services index down 2.39%. It is still a consultation-stage proposal, not a final rule, but a genuine structural threat to distribution economics if adopted broadly as drafted.

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 · 34 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 · 17 researched 13,087.15 ▲ +0.35% 15.9 WATCH
Banks Nifty Bank · 12 researched 55,580.40 ▲ +0.26% 13.2 WATCH
Energy & Power Nifty Energy · 17 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)

new
unconfirmed: business, sector
Unconfirmed: business, sector not checked — Weighted average rating 4.18/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.07/5 including quality and value — the rare combination.
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 (19)

TickerClosePublished PendingNote
AJAXENGG ₹607.75 HOLD → QUALITY-WAIT if next session holds
ANTELOPUS ₹1,261.70 HOLD → QUALITY-WAIT if next session holds
ARTEMISMED ₹357.70 BUY → QUALITY-WAIT if next session holds
AXISBANK ₹1,222.40 AVOID → HOLD 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 → HOLD if next session holds
GALLANTT ₹545.10 QUALITY-WAIT → HOLD if next session holds
GRANULES ₹868.65 HOLD → QUALITY-WAIT if next session holds
GULFOILLUB ₹1,106.60 HOLD → QUALITY-WAIT 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
MUTHOOTFIN ₹2,835.00 BUY → HOLD if next session holds
NELCAST ₹118.39 BUY → HOLD if next session holds
RECLTD ₹312.95 BUY → HOLD if next session holds
SHRIPISTON ₹4,746.80 HOLD → QUALITY-WAIT if next session holds
SUNDARMFIN ₹4,508.00 AVOID → HOLD if next session holds

Top Stories

Foseco India's mystery stake buyer turns out to be a diversified institutional group Chemicals

Morgan Advanced Materials' 15% Foseco India stake (~₹678cr, disclosed Aug 28) has been placed with a diversified set of domestic mutual funds (LIC, Motilal Oswal, Invesco, SBI, Mahindra Manulife, Mirae Asset), Catamaran Ventures (the Narayana Murthy family office), and foreign investors Morgan Stanley and Citigroup — proceeds fund Morgan's own group deleveraging. No single buyer emerges with board influence, resolving the governance uncertainty that had kept the pending QUALITY-WAIT->HOLD call unconfirmed.

FOSECOIND

Tata Sons governance dispute over Chandrasekaran's reappointment weighs on TCS Information Technology

Tata Trusts reportedly opposed the Tata Sons board's decision to reappoint N Chandrasekaran for another five-year term as executive chairman and disagreed with a proposed Tata Sons IPO, driving TCS shares down more than 3% on Sept 18. The friction sits at the parent-company level rather than TCS's own client book, but it is a live overhang on the leadership the BUY call's franchise-risk read partly depends on; single-sourced reporting only, so treat cautiously.

TCS

India Glycols completes three-way demerger, becomes a pure chemicals business FMCG

Effective Sept 1, India Glycols split into three listed entities — IGL Spirits (biofuel/spirits, 1:1 shares) and Ennature Bio Pharma (biopharma/nutraceuticals, 1:3 shares) demerged out, leaving the continuing listed entity a focused chemicals business. Management has run investor roadshows and plant visits since, and today's +18.74% move likely reflects demerger-driven re-rating rather than an operating change — relevant context for the pending AVOID->HOLD call.

INDIAGLYCO

Fed hikes rates on Middle East-driven inflation as oil and rupee pressure persist

The Fed raised rates 25bp to 3.75-4.00% on Sept 16 — its first hike since 2023 — citing inflation worsened by the Middle East war, with markets pricing one more hike this year. Brent has swung between roughly $92 and $109/bbl this month on Strait of Hormuz disruption, keeping the rupee near record weakness (~95.96/USD, down 8.2% over 12 months) and pushing India's CPI to 4.82% in August, even as Q1 FY27 GDP grew a strong 7.8%. RBI has held its repo rate at 5.25% for a third straight meeting despite the inflation uptick.

Sector Scorecard

Entry score is 40% cheap-vs-history + 25% quality trend + 20% news catalyst + 15% technicals, for the 3 sectors with a researched catalyst. The other 18 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 · 12 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 · 34 researched WATCH 50.7 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 · 17 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 · 17 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 49.1 63.1 43.6 53.0 -5 ▲ +0.56% 15.4 4/4/87/53
Healthcare & Hospitals 58 scanned · 16 ranked elsewhere · 7 researched WATCH 48.3 26.1 73.8 64.9 — ▼ -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.

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
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
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
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
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
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
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
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.