The Close

The Long Desk

The Close · The Open · The Long Desk · Archive · Research · Top Stocks
Thu, 22 Oct 2026
1395 companies · 1416 sector slots · 20 sectors · 54 below Rs1000cr and not scanned · long-term lens

Trend Spotlight computed

FMCG lagged the market: ▼ -1.41% on Nifty FMCG, closing 43,105.45.

No news narrative was written for this session, so this is the largest sector index move rather than a judged catalyst. The desk's stance for this sector is ACCUMULATE, which is a valuation-and-quality reading and does not move with one session.

Market Overview

IndexClosePoints ChangeP/EP/B
Nifty 50 22,687.65 ▼ -123.70 ▼ -0.54% 19.13 2.79
Nifty Next 50 67,354.15 ▼ -301.15 ▼ -0.45% 17.47 3.24
Nifty 500 21,696.55 ▼ -141.35 ▼ -0.65% 21.11 3.04
Nifty Bank 54,925.70 ▼ -51.20 ▼ -0.09% 12.61 1.65
NIFTY Midcap 100 57,063.95 ▼ -501.90 ▼ -0.87% 26.63 3.63
▲ 697 advancing ■ 24 unchanged ▼ 1966 declining of 2687 equities, vs the 2026-10-21 close
Cash market, ₹ crore
FII / FPI net
▼ -3,458.70
bought 13,628 · sold 17,086
DII net
▲ +2,891.32
bought 16,243 · sold 13,352
FII / FPI DII
FII / DII daily net cash flow · ₹ crore · scroll to zoom, drag to pan

Source: NSE ind_close_all_20261022 (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
Hospitality & Tourism Nifty India Tourism · 8 researched 7,452.20 ▲ +1.10% 84.9 ACCUMULATE
Pharmaceuticals Nifty Pharma · 24 researched 25,596.65 ▲ +0.12% 39.6 WATCH
Healthcare & Hospitals Nifty Healthcare Index · 11 researched 15,515.25 ▲ +0.05% 40.4 WATCH
Banks Nifty Bank · 5 researched 54,925.70 ▼ -0.09% 12.6 WATCH
Financial Services Nifty Financial Services · 10 researched 24,657.70 ▼ -0.14% 14.8 WATCH
Realty Nifty Realty · 3 researched 803.45 ▼ -0.30% 33.9 WATCH
Metals & Mining Nifty Metal · 15 researched 11,798.35 ▼ -0.52% 15.3 WATCH
Automobiles Nifty Auto · 30 researched 25,011.50 ▼ -0.73% 29.1 WATCH
Information Technology Nifty IT · 13 researched 32,081.25 ▼ -1.05% 19.9 WATCH
Energy & Power Nifty Energy · 11 researched 35,101.45 ▼ -1.05% 13.9 WATCH
FMCG Nifty FMCG · 10 researched 43,105.45 ▼ -1.41% 29.8 ACCUMULATE
Chemicals no listed index · 7 researched — — — ACCUMULATE
Construction & Materials no listed index · 10 researched — — — ACCUMULATE
Capital Goods no listed index · 16 researched — — — WATCH
Commercial Services no listed index · 5 researched — — — WATCH
Logistics & Transport no listed index · 6 researched — — — WATCH
Packaging & Plastics no listed index · 2 researched — — — WATCH
Retail & Consumer no listed index · 5 researched — — — WATCH
Telecom & Media no listed index · 3 researched — — — WATCH
Textiles & Apparel no listed index · 5 researched — — — WATCH

Movers in the universe

Largest moves among the 1386 tracked names this session, against the 2026-10-21 close.

CompanyCallPrev CloseMove
Tata Teleservices (Maharashtra) Ltd TTML AVOID ₹32.06 ₹38.01 ▲ +18.56%
Beta Drugs Ltd BETA HOLD ₹1,664.70 ₹1,971.00 ▲ +18.40%
Omnitech Engineering Ltd OMNI HOLD ₹593.05 ₹685.20 ▲ +15.54%
Mahanagar Telephone Nigam Ltd MTNL AVOID ₹22.20 ₹24.64 ▲ +10.99%
International Gemological Institute Limited IGIL QUALITY-WAIT ₹321.10 ₹353.20 ▲ +10.00%
eMudhra Ltd EMUDHRA HOLD ₹432.00 ₹345.60 ▼ -20.00%
Tinna Rubber & Infrastructure Ltd TINNARUBR HOLD ₹878.30 ₹745.40 ▼ -15.13%
Tatva Chintan Pharma Chem Ltd TATVA HOLD ₹1,890.10 ₹1,664.10 ▼ -11.96%
Rajratan Global Wire Ltd RAJRATAN HOLD ₹429.10 ₹383.30 ▼ -10.67%
SML Mahindra Ltd SMLMAH QUALITY-WAIT ₹5,501.00 ₹4,951.00 ▼ -10.00%

Set aside as undetermined: JSWDULUX (▼ -89.91%). A move this large over one session is usually a bonus, split or demerger rather than a price change, and a close-only series cannot tell the two apart — so it is neither listed as a mover nor quietly dropped.

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 (5)

new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 3.76/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 4.16/5 including quality and value — the rare combination.
new
unconfirmed: sector
Unconfirmed: sector not checked — Weighted average rating 3.81/5 including quality and value — the rare combination.
new
Good business, bad price today (Value 2/5) — PEG 1.99; P/E cheaper than 20% of sector peers (P/E 25.7); EV/EBITDA 14.4, B/M 0.214. Watch for a better entry.
new
Good business, bad price today (Value 2/5) — PEG 0.23; P/E cheaper than 38% of sector peers (P/E 18.54); EV/EBITDA 13.9, B/M 0.348. Watch for a better entry.

Awaiting a second session (15)

TickerClosePublished PendingNote
ABBOTINDIA ₹25,360.00 QUALITY-WAIT → HOLD if next session holds
ACE ₹1,053.40 QUALITY-WAIT → BUY if next session holds
AEGISLOG ₹1,304.10 QUALITY-WAIT → HOLD if next session holds
ALGOQUANT ₹74.48 HOLD → QUALITY-WAIT if next session holds
COFORGE ₹1,908.80 QUALITY-WAIT → HOLD if next session holds
ECLERX ₹1,930.30 QUALITY-WAIT → BUY if next session holds
KALYANKJIL ₹530.40 QUALITY-WAIT → HOLD if next session holds
KARURVYSYA ₹356.05 HOLD → BUY if next session holds
KNACK ₹206.12 HOLD → QUALITY-WAIT if next session holds
KRBL ₹354.90 QUALITY-WAIT → HOLD if next session holds
LEMONTREE ₹110.95 BUY → QUALITY-WAIT if next session holds
LTTS ₹3,954.80 HOLD → BUY if next session holds
SHUKRAPHAR ₹62.53 QUALITY-WAIT → HOLD if next session holds
TCS ₹2,506.90 HOLD → BUY if next session holds
WHEELS ₹2,108.70 QUALITY-WAIT → BUY if next session holds

Top Stories

No narrative was written for this session. Stories, and the news catalyst input to the sector stances, come from the morning research agent; when it has not run, the stances below renormalise over their three remaining inputs rather than assuming a neutral headline.

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 60.8 62.4 78.6 27.1 — ▼ -1.05% 19.9 0/9/56/9
Banks 40 scanned · 5 researched WATCH 51.0 49.2 52.3 53.7 — ▼ -0.09% 12.6 1/0/30/9
Pharmaceuticals 87 scanned · 24 researched WATCH 49.0 29.2 71.8 64.0 — ▲ +0.12% 39.6 0/12/63/12
Automobiles 107 scanned · 30 researched WATCH 58.9 52.1 78.6 44.4 — ▼ -0.73% 29.1 10/14/73/10
FMCG 103 scanned · 10 researched ACCUMULATE 64.6 71.0 69.0 40.0 — ▼ -1.41% 29.8 0/20/63/20
Metals & Mining 79 scanned · 15 researched WATCH 56.2 54.0 67.5 43.0 — ▼ -0.52% 15.3 0/6/53/20
Realty 37 scanned · 3 researched WATCH 60.2 76.7 52.0 29.6 — ▼ -0.30% 33.9 2/2/13/20
Energy & Power 82 scanned · 11 researched WATCH 57.9 60.5 63.8 41.1 — ▼ -1.05% 13.9 4/4/41/33
Financial Services 146 scanned · 5 ranked elsewhere · 10 researched WATCH 58.9 74.8 44.2 41.3 — ▼ -0.14% 14.8 0/3/90/53
Healthcare & Hospitals 57 scanned · 16 ranked elsewhere · 11 researched WATCH 58.8 50.8 73.0 56.2 — ▲ +0.05% 40.4 4/10/37/6
Hospitality & Tourism 38 scanned · 8 researched ACCUMULATE 67.8 79.3 69.0 34.9 — ▲ +1.10% 84.9 3/5/20/10
Chemicals 101 scanned · 7 researched ACCUMULATE 62.9 68.0 67.8 41.0 — — — 3/9/62/27
Construction & Materials 124 scanned · 10 researched ACCUMULATE 66.1 81.4 61.6 32.9 — — — 6/9/69/40
Capital Goods 102 scanned · 16 researched WATCH 57.3 48.1 79.3 45.3 — — — 0/12/70/20
Textiles & Apparel 47 scanned · 5 researched WATCH 55.0 50.0 62.6 55.6 — — — 0/3/30/14
Retail & Consumer 64 scanned · 5 researched WATCH 60.3 60.5 68.7 45.9 — — — 0/8/38/18
Packaging & Plastics 32 scanned · 2 researched WATCH 60.2 60.0 64.8 53.2 — — — 1/3/19/9
Logistics & Transport 26 scanned · 6 researched WATCH 52.9 47.5 69.3 39.9 — — — 0/2/18/6
Telecom & Media 33 scanned · 3 researched WATCH 50.6 50.0 59.8 36.8 — — — 3/2/14/14
Commercial Services 37 scanned · 5 researched WATCH 48.5 50.0 52.5 37.6 — — — 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 53th percentile of its own 3-year range · ROCE 39.5% (up 22.5pt over 5y) · -26.0% off its 52-week high
Composite 71.9 Mkt Cap 123,631 cr · Large P/E 50.66 ROCE 39.5% Piotroski 6/9
new call this session
P/E in the 73th percentile of its own 3-year range · ROCE 20.5% (up 7.5pt over 5y)
Composite 62.4 Mkt Cap 386,162 cr · Large P/E 66.17 ROCE 20.5% Piotroski 6/9
new call this session
P/E in the 13th percentile of its own 3-year range · -25.7% off its 52-week high
Composite 80.8 Mkt Cap 25,157 cr · Mid P/E 51.14 ROCE 13.1% Piotroski 6/8
new call this session
unconfirmed: sector
P/E in the 86th percentile of its own 3-year range · ROCE 20.8% (up 9.8pt over 5y)
Composite 66.9 Mkt Cap 20,118 cr · Mid P/E 34.46 ROCE 20.8% Piotroski 4/9
new call this session
unconfirmed: sector
P/E in the 77th percentile of its own 3-year range · ROCE 26.6% (up 2.6pt over 5y)
Composite 67.8 Mkt Cap 5,285 cr · Small P/E 31.1 ROCE 26.6% Piotroski 6/9
new call this session
ROCE 33.2% (up 17.2pt over 5y) · -29.0% off its 52-week high
Composite 56.7 Mkt Cap 8,016 cr · Small P/E 40.93 ROCE 33.2% Piotroski 6/8
new call this session
Highly Volatile
P/E in the 1th percentile of its own 3-year range · ROCE 23.7% (up 18.7pt over 5y) · -42.5% off its 52-week high
Composite 79.6 Mkt Cap 2,535 cr · Micro P/E 18.54 ROCE 23.7% Piotroski 5/8
new call this session
Highly Volatile
P/E in the 53th percentile of its own 3-year range · ROCE 19.7% (down 3.3pt over 5y)
Composite 66.3 Mkt Cap 3,492 cr · Micro P/E 78.16 ROCE 19.7% Piotroski 3/9

Lens Weights Recalibrated

Every Sunday, each lens's weight is re-tilted from its prior on all evidence to date of whether its ratings predicted subsequent returns, measured separately within each cap tier (data/lens_ic.json). Thin evidence moves a weight a little, a consistent edge more -- see METHODOLOGY.md. Every past change stays on the record in data/lens_weight_changes.json.

TierLensWeightt-stat Hit rateWeeks measured
Large Quality 1.3442 → 1.5087 0.023248%9.2
Large Financial Health 1.91 → 1.9008 1.192763%9.2
Large Value 1.0512 → 1.1731 -0.089852%9.2
Large Earnings Quality 1.3139 → 1.2507 1.102163%9.2
Large Growth Outlook 0.7981 → 0.6895 -0.567467%5.4
Large Momentum 0.6029 → 0.5489 0.396563%9.2
Mid Quality 1.3663 → 1.3577 -0.384257%9.2
Mid Financial Health 1.9321 → 1.8357 0.963561%9.2
Mid Value 1.1381 → 1.2545 0.182143%9.2
Mid Earnings Quality 0.9127 → 0.9696 -0.121848%9.2
Mid Growth Outlook 0.5795 → 0.5947 -1.134375%2.4
Mid Momentum 0.6902 → 0.6083 0.927470%9.2
Small Quality 1.8341 → 1.9593 1.425462%7.4
Small Financial Health 1.6513 → 1.7853 0.801154%7.4
Small Value 1.0405 → 1.2492 0.164549%7.4
Small Earnings Quality 0.7647 → 0.8067 -0.815554%7.4
Small Growth Outlook 0.9895 → 0.9206 0.622658%3.8
Small Momentum 0.7136 → 0.6417 1.285770%7.4
Micro Quality 1.9961 → 1.8884 1.146968%7.4
Micro Financial Health 1.8473 → 1.8138 0.891457%7.4
Micro Value 1.0396 → 1.2056 0.018849%7.4
Micro Earnings Quality 0.9775 → 1.0226 0.090651%7.4
Micro Growth Outlook 0.6162 → 0.5586 -1.397583%4.6
Micro Momentum 0.7275 → 0.7087 2.407181%7.4

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.