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

Indian equities capped a seventh straight losing week as the Fed's first hike since 2023, an escalating Hormuz oil crisis, and a record-weak rupee weighed on the market, even as Friday's session closed modestly higher.

Sensex (+0.43%) and Nifty (+0.34%) both rose on 25 Sept, but that did not offset a roughly 5.8% slide over the prior seven weeks — the longest losing streak since the COVID crash. Brent crude swung wildly ($92-$107) on the Strait of Hormuz crisis (US naval blockade, tanker strikes, ~10 ships/day transiting versus normal traffic), and the Fed's 25bp hike to 3.75-4.00% under new Chair Kevin Warsh, with 16 of 18 FOMC members projecting further tightening, is lifting global yields. USD/INR sits near a record-weak 95.8-96.0. For a long-term entry decision this is a volatility and cost-of-capital headwind across the board, not a single-sector catalyst — better tracked via crude and the rupee than one day's index print.

Sources: sundayguardianlive.com · en.wikipedia.org · cnbc.com · exchangerates.org.uk

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 · 36 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 · 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 (17)

TickerClosePublished PendingNote
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
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

Shanti Gold's earnings rally and Meesho's Nomura downgrade were RETAIL's two dispersion drivers today — both company-specific Retail & Consumer

SHANTIGOLD hit a fresh all-time high (+29.5% for the week) on a strong Q1 print (55.5% net sales growth, 85% higher operating profit), while MEESHO fell over 6% after Nomura initiated coverage at 'Reduce' (Rs 167 target, ~23-28% downside) citing logistics and competition pressure, on top of a prior SoftBank-linked block deal. Neither is a sector-wide RETAIL catalyst.

SHANTIGOLD · MEESHO
Sources: marketsmojo.com · business-standard.com

Both Jamna Auto promoter brothers sold matching ~2.49% stakes the same day, with no reason disclosed Automobiles

Pradeep Singh Jauhar and Randeep Singh Jauhar each sold 99.95 lakh shares (2.49%) via block deals on Sept 11, 2026, cutting their stakes to 3.96% and 1.88% respectively — confirmed across two independent sources, with neither the filing nor subsequent coverage giving a stated reason. No further sales or pledges have surfaced since, so the open governance claim stays live rather than resolved.

JAMNAAUTO
Sources: whalesbook.com · investywise.com

Sundaram Clayton's July AGM auditor-reappointment dissent refined to 57.18% of institutional votes Automobiles

The July 28, 2026 AGM passed the 5-year statutory-auditor reappointment overall, but with 13.7% total dissent driven by 57.18% of institutional votes against — versus near-unanimous approval on every other resolution. This sharpens, but does not resolve, the open governance-friction claim; no new disclosures on recovering institutional support or further concerns have surfaced.

SUNCLAY
Sources: whalesbook.com · scanx.trade

IRDAI's insurance commission-cap consultation is proceeding as drafted, with no sign of watering-down Financial Services

The proposal would cap life-insurer opex at 12.5% of gross premium and general insurers at 20%, via a five-year glide path meant to discourage front-loaded first-year commissions in favour of persistency. The comment window stays open to Oct 25, 2026; insurance and insurance-linked names already fell 10-20% when the draft first emerged, and nothing today confirms the caps will be finalized as proposed, or that they will be watered down.

MFSL · LTF · HDFCLIFE
Sources: civilsdaily.com · english.punjabkesari.com

Firstsource absorbed a client contract wind-down but held FY27 guidance intact Information Technology

Firstsource reaffirmed FY27 guidance (10-13% constant-currency revenue growth, 12.25-12.75% EBIT margin) despite absorbing a one-off healthcare-client contract wind-down and related exceptional charges. A genuine client loss did occur, but management is treating it as non-structural rather than guidance-changing — a partial answer to the pending BUY's client-loss falsifier question.

FSL
Sources: firstsource.com

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 · 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 · 36 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 · 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 54.1 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 48.3 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.

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.