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Indian (NIFTY) Market Analysis & Valuation

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies4948
  • 7D3.0%
  • 3M-2.7%
  • 1Y4.9%
  • YTD-2.2%

The market is up 3.0% in the last 7 days, led by the Industrials and all sectors gaining ground. In the last year, the market has climbed 4.9%. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026₹466.7t₹187.3t₹18.5t23.5x25.3x2.5x
Fri, 02 Jan 2026₹476.1t₹184.3t₹18.2t25.6x26.1x2.6x
Sun, 30 Nov 2025₹467.8t₹174.8t₹17.6t26.1x26.6x2.7x
Tue, 28 Oct 2025₹470.9t₹179.7t₹17.8t27.7x26.4x2.6x
Thu, 25 Sep 2025₹459.6t₹178.7t₹17.6t28.1x26.1x2.6x
Sat, 23 Aug 2025₹452.8t₹177.7t₹17.7t28x25.6x2.5x
Mon, 21 Jul 2025₹456.2t₹173.6t₹17.1t30.1x26.6x2.6x
Wed, 18 Jun 2025₹446.5t₹173.4t₹17.1t29.5x26x2.6x
Fri, 16 May 2025₹436.4t₹170.9t₹17.0t27.2x25.7x2.6x
Sun, 13 Apr 2025₹398.2t₹169.0t₹16.8t25.4x23.7x2.4x
Tue, 11 Mar 2025₹389.7t₹169.1t₹16.8t25.4x23.2x2.3x
Thu, 06 Feb 2025₹422.1t₹163.6t₹16.4t29.3x25.7x2.6x
Sat, 04 Jan 2025₹447.8t₹167.9t₹16.4t32.9x27.3x2.7x
Mon, 02 Dec 2024₹444.7t₹167.6t₹16.4t31.8x27.2x2.7x
Wed, 30 Oct 2024₹440.5t₹165.6t₹16.0t32x27.5x2.7x
Fri, 27 Sep 2024₹473.8t₹163.0t₹16.0t34.1x29.6x2.9x
Sun, 25 Aug 2024₹455.9t₹162.8t₹16.0t33.9x28.6x2.8x
Tue, 23 Jul 2024₹446.3t₹161.0t₹15.8t33.5x28.2x2.8x
Thu, 20 Jun 2024₹431.9t₹160.1t₹15.8t32.3x27.4x2.7x
Sat, 18 May 2024₹406.8t₹158.0t₹15.4t31.8x26.4x2.6x
Mon, 15 Apr 2024₹395.3t₹155.1t₹14.8t31x26.7x2.5x
Wed, 13 Mar 2024₹381.1t₹154.8t₹14.8t29.2x25.8x2.5x
Fri, 09 Feb 2024₹383.2t₹154.3t₹14.7t32.5x26x2.5x
Sun, 07 Jan 2024₹365.0t₹152.3t₹14.2t30.5x25.8x2.4x
Tue, 05 Dec 2023₹339.8t₹152.1t₹14.1t28.4x24.1x2.2x
Thu, 02 Nov 2023₹306.7t₹151.7t₹13.8t27.5x22.2x2x
Sat, 30 Sep 2023₹321.2t₹152.3t₹13.4t27.7x24x2.1x
Mon, 28 Aug 2023₹308.9t₹152.3t₹13.4t26.7x23.1x2x
Wed, 26 Jul 2023₹304.7t₹150.9t₹12.5t26.2x24.3x2x
Fri, 23 Jun 2023₹291.6t₹149.9t₹12.5t25.3x23.3x1.9x
Sun, 21 May 2023₹273.8t₹149.3t₹12.6t23.1x21.8x1.8x
Tue, 18 Apr 2023₹263.3t₹145.1t₹12.2t21.6x21.6x1.8x
Thu, 16 Mar 2023₹253.4t₹144.9t₹12.2t20.6x20.9x1.7x
Sat, 11 Feb 2023₹265.4t₹143.6t₹12.0t22.1x22.1x1.8x
Price to Earnings Ratio

22.1x


Total Market Cap: ₹265.4tTotal Earnings: ₹12.0tTotal Revenue: ₹143.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.2x202420252026
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 25.2x.
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 9.3% 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 Market3.02%
Industrials7.39%
Utilities6.29%
Real Estate5.27%
Energy4.31%
Consumer Discretionary4.00%
Healthcare2.47%
Financials2.01%
Telecom1.80%
Tech1.70%
Materials0.56%
Consumer Staples0.15%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 39.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.4%, which is higher than its past year's earnings growth of 14.1% 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 30% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 5.9% 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
RELIANCE Reliance Industries₹1.46k4.3%
+₹813.3b		14.0%PE23.7xEnergy
ADANIPORTS Adani Ports and Special Economic Zone₹1.57k13.5%
+₹428.5b		37.0%PE28.9xIndustrials
532454 Bharti Airtel₹2.03k3.5%
+₹416.3b		22.0%PE32xTelecom
500510 Larsen & Toubro₹4.09k7.7%
+₹402.8b		20.7%PE32.8xIndustrials
ADANIPOWER Adani Power₹155.2915.3%
+₹396.7b		53.6%PE27.3xUtilities
See more

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ADANIPORTS
₹1,567.90
Adani Ports and Special Economic Zone
7D
13.5%
1Y
37.0%
TECHM
₹1,645.30
Tech Mahindra
7D
-6.7%
1Y
-0.9%
512599
₹2,228.85
Adani Enterprises
7D
11.7%
1Y
-4.1%
RELIANCE
₹1,456.80
Reliance Industries
7D
4.3%
1Y
14.0%

RELIANCE: Earnings Visibility And P E Support Will Underpin Future Resilience

Analysts have inched their fair value estimate for Reliance Industries up from ₹1,714.03 to ₹1,719.70 per share, reflecting refreshed assumptions on revenue growth, profit margins and future P/E multiples in line with their broader earnings outlook work. Analyst Commentary Analysts are treating the small fair value revision for Reliance Industries as a fine tuning exercise rather than a major reset, with views split between confidence in execution and caution around what is already priced in.
500188
₹639.15
Hindustan Zinc
7D
-9.7%
1Y
36.7%

500188: Future Margins And Production Gains Will Support Positive Outlook

Analysts have maintained their fair value estimate for Hindustan Zinc at ₹750.0 per share and have made slight adjustments to assumptions for discount rate, revenue growth, profit margin and future P/E to reflect updated views on the company’s earnings profile and risk outlook. What's in the News A board meeting is scheduled for January 23, 2026 to consider general matters of the company (company filing).
532454
₹2,025.40
Bharti Airtel
7D
3.5%
1Y
22.0%

532454: Retail Expansion And 5G Rollout Will Support Stronger Long Term Outlook

Analysts have kept their price target for Bharti Airtel unchanged at ₹2,336.62, citing consistent assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E in their models. What's in the News Opened the 100th retail store in Gujarat at Tragad, Ahmedabad, expanding offline presence across 34 districts and offering the full suite of Airtel services, including high speed Wi Fi, mobile plans, Digital TV, IPTV and small business solutions (Key Developments).
VEDL
₹687.80
Vedanta
7D
-6.7%
1Y
54.8%

Vedanta Limited (NSE:VEDL) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 01
Vedanta Limited (NSE:VEDL) Just Reported And Analysts Have Been Lifting Their Price Targets
ICICIBANK
₹1,408.40
ICICI Bank
7D
3.0%
1Y
11.1%

ICICIBANK: Future GST Dispute Outcomes Will Support Bullish Outlook

Narrative Update Analysts have nudged their fair value estimate for ICICI Bank slightly higher to ₹1,703.63 from ₹1,700.03, citing small adjustments to discount rate assumptions, a less pronounced revenue growth decline, a modestly lower profit margin outlook, and a slightly lower future P/E multiple. What's in the News ICICI Bank has scheduled a Special or Extraordinary Shareholders Meeting on February 25, 2026, to be conducted via postal ballot in India, indicating upcoming matters for shareholder approval (company disclosure).
HCLTECH
₹1,621.80
HCL Technologies
7D
-6.2%
1Y
-5.3%

HCL Technologies Limited's (NSE:HCLTECH) Shares May Have Run Too Fast Too Soon

Jan 31
HCL Technologies Limited's (NSE:HCLTECH) Shares May Have Run Too Fast Too Soon
ADANIPOWER
₹155.29
Adani Power
7D
15.3%
1Y
53.6%
500049
₹439.10
Bharat Electronics
7D
-3.2%
1Y
52.0%
500510
₹4,086.50
Larsen & Toubro
7D
7.7%
1Y
20.7%
INFY
₹1,535.80
Infosys
7D
-7.8%
1Y
-19.0%

INFY: Gradual IT Spend Recovery And AI Adoption Will Shape 2026 Outlook

Infosys' updated narrative reflects a modestly higher fair value estimate of ₹1,820.45 from ₹1,776.09, broadly in line with the series of recent analyst price target increases as analysts point to a supportive setup for services demand and a slightly adjusted view on growth, margins, discount rate and future P/E assumptions. Analyst Commentary Recent Street research around Infosys clusters around a series of modest price target increases in US$, with analysts broadly pointing to a more constructive setup for IT services heading into 2026 and a view that current valuations remain discounted relative to that backdrop.
TCS
₹2,999.10
Tata Consultancy Services
7D
-6.3%
1Y
-26.7%

TCS: AI Data Centers Will Drive Future Upside Despite Legal Overhang

The analyst fair value estimate for Tata Consultancy Services has been adjusted from ₹3,558.47 to ₹3,617.91 as analysts factor in updated views on revenue growth, profit margins, the discount rate, and future P/E assumptions. What's in the News U.S. Court of Appeals for the Fifth Circuit upheld an award of about US$194m to DXC subsidiary CSC in a trade secret misappropriation case, affirming earlier findings that Tata Consultancy Services had intentionally and maliciously misused CSC's trade secrets (Lawsuits & Legal Issues).
HDFCBANK
₹953.10
HDFC Bank
7D
2.2%
1Y
9.7%
HAL
₹4,217.10
Hindustan Aeronautics
7D
-8.8%
1Y
10.5%