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Indian (NIFTY) Market Analysis & Valuation

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies4941
  • 7D-0.9%
  • 3M-1.7%
  • 1Y4.2%
  • YTD-1.8%

In the last week, the market has been flat, with a notable exception in the Real Estate sector dropping 3.4%. Meanwhile, the market is actually up 4.2% over the past year. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Indian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026₹468.4t₹184.6t₹18.3t24.6x25.7x2.5x
Sun, 14 Dec 2025₹469.1t₹184.2t₹18.2t25.5x25.8x2.5x
Tue, 11 Nov 2025₹467.2t₹181.6t₹18.2t27.4x25.7x2.6x
Thu, 09 Oct 2025₹457.1t₹179.0t₹17.6t27.7x25.9x2.6x
Sat, 06 Sep 2025₹450.5t₹177.8t₹17.6t27.8x25.6x2.5x
Mon, 04 Aug 2025₹442.3t₹175.3t₹17.4t29x25.4x2.5x
Wed, 02 Jul 2025₹459.4t₹173.4t₹17.1t29.6x26.8x2.7x
Fri, 30 May 2025₹443.9t₹173.5t₹17.2t27.9x25.9x2.6x
Sun, 27 Apr 2025₹418.6t₹169.8t₹16.8t26.8x24.9x2.5x
Tue, 25 Mar 2025₹414.0t₹169.0t₹16.8t26x24.7x2.4x
Thu, 20 Feb 2025₹394.5t₹168.9t₹16.8t25.7x23.5x2.3x
Sat, 18 Jan 2025₹426.7t₹168.1t₹16.4t31.4x26x2.5x
Mon, 16 Dec 2024₹457.4t₹167.6t₹16.3t33x28x2.7x
Wed, 13 Nov 2024₹436.6t₹166.4t₹16.2t32.5x26.9x2.6x
Fri, 11 Oct 2024₹459.1t₹163.0t₹16.0t33.7x28.7x2.8x
Sun, 08 Sep 2024₹456.9t₹162.8t₹16.0t34.5x28.6x2.8x
Tue, 06 Aug 2024₹437.9t₹161.9t₹15.8t33.5x27.7x2.7x
Thu, 04 Jul 2024₹443.4t₹160.1t₹15.8t33.8x28.1x2.8x
Sat, 01 Jun 2024₹410.3t₹165.5t₹16.6t30.1x24.7x2.5x
Mon, 29 Apr 2024₹399.7t₹156.7t₹15.1t31.7x26.5x2.6x
Wed, 27 Mar 2024₹378.2t₹154.9t₹14.8t28.7x25.6x2.4x
Fri, 23 Feb 2024₹387.4t₹154.8t₹14.8t31.7x26.2x2.5x
Sun, 21 Jan 2024₹369.3t₹153.1t₹14.2t31.2x25.9x2.4x
Tue, 19 Dec 2023₹354.6t₹152.2t₹14.2t29.3x25.1x2.3x
Thu, 16 Nov 2023₹321.8t₹152.7t₹14.2t27.6x22.6x2.1x
Sat, 14 Oct 2023₹318.2t₹151.2t₹13.2t28.4x24.2x2.1x
Mon, 11 Sep 2023₹322.3t₹152.3t₹13.4t28x24.1x2.1x
Wed, 09 Aug 2023₹307.5t₹151.4t₹13.3t26.9x23x2x
Fri, 07 Jul 2023₹298.8t₹150.0t₹12.5t26x23.9x2x
Sun, 04 Jun 2023₹282.4t₹150.3t₹12.5t24.3x22.6x1.9x
Tue, 02 May 2023₹269.3t₹146.2t₹12.3t22.3x22x1.8x
Thu, 30 Mar 2023₹252.5t₹144.9t₹12.2t20x20.8x1.7x
Sat, 25 Feb 2023₹257.3t₹144.7t₹12.2t21.1x21.2x1.8x
Mon, 23 Jan 2023₹277.9t₹140.0t₹11.9t23.1x23.3x2x
Price to Earnings Ratio

23.3x


Total Market Cap: ₹277.9tTotal Earnings: ₹11.9tTotal Revenue: ₹140.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.1x202420252026
Current Market PE
  • Investors are relatively neutral on the Indian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.1x.
Past Earnings Growth
  • The earnings for Indian listed companies have grown 15% per year over the last three years.
  • Revenues for these companies have grown 9.7% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Indian Market?

IN Market-0.86%
Materials1.72%
Energy0.68%
Financials-0.33%
Tech-0.76%
Consumer Staples-1.17%
Utilities-1.32%
Healthcare-1.72%
Consumer Discretionary-1.81%
Telecom-2.03%
Industrials-2.54%
Real Estate-3.41%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading close to its 3-year average PE ratio of 51.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.0%, which is higher than its past year's earnings growth of 19.2% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 13.7x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 7.0% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
SBIN State Bank of India₹1.04k4.2%
+₹385.8b		36.4%PB1.7xFinancials
INFY Infosys₹1.69k4.7%
+₹306.4b		-6.9%PE23.5xTech
VEDL Vedanta₹682.7011.9%
+₹284.5b		50.4%PE22.2xMaterials
ONGC Oil and Natural Gas₹247.175.6%
+₹164.6b		-7.3%PE8.5xEnergy
ICICIAMC ICICI Prudential Asset Management₹2.94k10.2%
+₹133.8b		n/aPE45xFinancials
See more

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VEDL
₹682.70
Vedanta
7D
11.9%
1Y
50.4%
SUNPHARMA
₹1,668.90
Sun Pharmaceutical Industries
7D
-3.5%
1Y
-6.6%
ICICIAMC
₹2,935.50
ICICI Prudential Asset Management
7D
10.2%
1Y
n/a
INFY
₹1,689.80
Infosys
7D
4.7%
1Y
-6.9%
ITC
₹329.20
ITC
7D
-2.4%
1Y
-25.2%
MARUTI
₹15,859.00
Maruti Suzuki India
7D
-3.9%
1Y
30.7%
500188
₹637.35
Hindustan Zinc
7D
5.0%
1Y
39.5%
ULTRACEMCO
₹12,378.00
UltraTech Cement
7D
3.7%
1Y
17.0%

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500510
₹3,855.90
Larsen & Toubro
7D
-4.2%
1Y
8.1%
DIVISLAB
₹6,236.00
Divi's Laboratories
7D
-5.8%
1Y
5.4%

DIVISLAB: Upcoming Board Review And Management Changes Will Support Bullish Outlook

Analysts have raised their price target for Divi's Laboratories from ₹7,750 to about ₹8,554, citing updated assumptions related to revenue growth, profit margins and future P/E levels in their models. What's in the News Board meeting scheduled on Nov 07, 2025 at 10:30 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (company filing).
POLYCAB
₹7,121.50
Polycab India
7D
-7.3%
1Y
5.0%

POLYCAB: Future Returns Will Reflect CFO Transition And Fine-Tuned Outlook

Analysts have nudged their fair value estimate for Polycab India slightly higher to ₹8,326.77 from ₹8,238.27, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E that fine tune rather than overhaul their previous view. What's in the News A board meeting is scheduled on January 16, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with limited review reports (company filing).
SBIN
₹1,042.30
State Bank of India
7D
4.2%
1Y
36.4%

SBIN: Board Changes And Subsidiary Stake Sale Will Shape Future Earnings

Analysts have lifted their price target for State Bank of India by about ₹24, reflecting slightly different assumptions on the discount rate, revenue growth, profit margins and future P/E multiples in their updated models. What's in the News Ravi Ranjan has been appointed as Managing Director of State Bank of India, with responsibility for Risk, Compliance, and the Stressed Assets Resolution Group, effective from December 15, 2025, until his superannuation on September 30, 2028, or earlier if ordered (company filing).
RELIANCE
₹1,457.90
Reliance Industries
7D
-1.2%
1Y
11.9%
ONGC
₹247.17
Oil and Natural Gas
7D
5.6%
1Y
-7.3%

ONGC: Future Utilization Discipline And Ethane Alliances Will Support Asset Productivity

Narrative Update on Oil and Natural Gas The analyst price target for the oil and natural gas segment has moved from $340.00 to $330.00, with analysts pointing to adjusted discount rate assumptions, slightly revised long term revenue growth and profit margin forecasts, and a lower future P/E multiple as key drivers of the change. Analyst Commentary Recent Street research on comparable industrial and automotive exposed names in the semiconductor space gives a sense of how bullish analysts are thinking about companies tied to long cycle capital spending and electrification themes, which are also key narratives for many oil and natural gas businesses transitioning their portfolios.
500470
₹188.10
Tata Steel
7D
5.5%
1Y
44.4%

500470: Future Results Will Reflect Pellet Expansion And Contested Tax And Sukinda Obligations

Analysts have nudged their fair value estimate for Tata Steel from ₹185.77 to ₹188.77 per share, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E that modestly refine their outlook on the company. What's in the News Tata Steel reported provisional production for Q3 FY2026, with Tata Steel India at 6.34 million tons, Tata Steel Netherlands at 1.68 million tons and Tata Steel Thailand at 0.31 million tons, alongside nine month production of 17.23 million tons, 5.05 million tons and 1.01 million tons respectively (company announcement of operating results).
HDFCBANK
₹931.10
HDFC Bank
7D
-0.8%
1Y
13.8%