Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Market Analysis & Valuation

UpdatedJan 07, 2026
DataAggregated Company Financials
Companies4937
  • 7D1.7%
  • 3M2.1%
  • 1Y3.6%
  • YTD0.6%

The market is up 1.7% over the last week, with the Financials sector leading the way, up 2.2%. The market is up 3.6% over the last 12 months. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 07 Jan 2026₹479.6t₹184.3t₹18.2t25.6x26.3x2.6x
Fri, 05 Dec 2025₹468.7t₹184.0t₹18.2t25.8x25.7x2.5x
Sun, 02 Nov 2025₹469.8t₹180.5t₹18.0t28x26.1x2.6x
Tue, 30 Sep 2025₹450.6t₹178.8t₹17.6t27.4x25.6x2.5x
Thu, 28 Aug 2025₹448.6t₹177.8t₹17.6t27.7x25.5x2.5x
Sat, 26 Jul 2025₹449.6t₹174.4t₹17.4t29.4x25.8x2.6x
Mon, 23 Jun 2025₹446.1t₹173.3t₹17.1t29x26x2.6x
Wed, 21 May 2025₹434.4t₹171.5t₹17.0t27.4x25.6x2.5x
Fri, 18 Apr 2025₹415.0t₹168.9t₹16.8t26.7x24.7x2.5x
Sun, 16 Mar 2025₹387.1t₹169.0t₹16.8t24.8x23.1x2.3x
Tue, 11 Feb 2025₹412.7t₹164.0t₹16.6t28.6x24.8x2.5x
Thu, 09 Jan 2025₹437.6t₹167.9t₹16.4t32.1x26.7x2.6x
Sat, 07 Dec 2024₹457.1t₹167.6t₹16.3t32.8x28x2.7x
Mon, 04 Nov 2024₹446.2t₹166.4t₹16.1t33.3x27.7x2.7x
Wed, 02 Oct 2024₹471.5t₹163.0t₹16.0t34.3x29.5x2.9x
Fri, 30 Aug 2024₹458.5t₹162.8t₹16.0t34.2x28.7x2.8x
Sun, 28 Jul 2024₹453.0t₹165.3t₹18.4t34.4x24.6x2.7x
Tue, 25 Jun 2024₹433.6t₹160.1t₹15.8t32.5x27.5x2.7x
Thu, 23 May 2024₹412.4t₹163.4t₹16.3t31.2x25.2x2.5x
Sat, 20 Apr 2024₹388.5t₹155.2t₹14.8t30.8x26.2x2.5x
Mon, 18 Mar 2024₹374.1t₹154.8t₹14.8t28.5x25.3x2.4x
Wed, 14 Feb 2024₹375.9t₹154.8t₹14.7t31x25.5x2.4x
Fri, 12 Jan 2024₹364.5t₹152.3t₹14.2t31.3x25.7x2.4x
Sun, 10 Dec 2023₹345.5t₹152.2t₹14.1t28.7x24.4x2.3x
Tue, 07 Nov 2023₹314.5t₹152.3t₹13.9t27.8x22.6x2.1x
Thu, 05 Oct 2023₹320.4t₹152.3t₹13.4t27.6x23.9x2.1x
Sat, 02 Sep 2023₹313.9t₹152.3t₹13.4t27.3x23.4x2.1x
Mon, 31 Jul 2023₹306.2t₹151.4t₹13.0t26.6x23.6x2x
Wed, 28 Jun 2023₹289.4t₹149.9t₹12.5t25.2x23.2x1.9x
Fri, 26 May 2023₹276.9t₹149.9t₹12.6t23x22x1.8x
Sun, 23 Apr 2023₹262.4t₹145.4t₹12.2t22x21.4x1.8x
Tue, 21 Mar 2023₹251.8t₹144.6t₹12.2t20.4x20.7x1.7x
Thu, 16 Feb 2023₹264.4t₹144.4t₹12.2t21.5x21.7x1.8x
Sat, 14 Jan 2023₹278.9t₹139.4t₹11.9t23x23.4x2x
Price to Earnings Ratio

23.4x


Total Market Cap: ₹278.9tTotal Earnings: ₹11.9tTotal Revenue: ₹139.4tTotal 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 9.8% 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 Market1.67%
Utilities3.99%
Real Estate3.88%
Materials2.69%
Healthcare2.66%
Financials2.15%
Industrials2.01%
Consumer Discretionary1.71%
Telecom0.57%
Energy-0.033%
Tech-0.17%
Consumer Staples-0.72%
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 51.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.9%, 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 7.4% 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
ICICIBANK ICICI Bank₹1.41k5.1%
+₹491.5b		10.3%PB3xFinancials
SBIN State Bank of India₹1.02k4.7%
+₹419.5b		30.8%PB1.7xFinancials
HINDUNILVR Hindustan Unilever₹2.42k5.9%
+₹347.6b		1.4%PE57.6xConsumer Staples
NTPC NTPC₹350.808.0%
+₹251.1b		6.8%PE14.3xUtilities
MARUTI Maruti Suzuki India₹17.29k3.9%
+₹202.8b		47.5%PE36.8xConsumer Discretionary
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
🤖 AI Companies Hit The Bond Market
Last Week

🤖 AI Companies Hit The Bond Market

Latest News

RELIANCE
₹1,507.60
Reliance Industries
7D
-2.1%
1Y
21.5%

RELIANCE: AI Partnership And Cloud Collaboration Will Support Earnings Resilience

Analysts have nudged their fair value estimate for Reliance Industries from ₹1,700.83 to ₹1,707.94, citing small refinements to revenue growth, profit margin expectations and the future P/E assumption. What's in the News Reliance Industries, through Reliance Intelligence Limited, and Google announced a broad AI partnership aimed at expanding access to Artificial Intelligence tools across consumers, enterprises and developers in India, aligned with Reliance's AI for All vision (company announcement).
NTPC
₹350.80
NTPC
7D
8.0%
1Y
6.8%

NTPC: Dividend And Pumped Storage Expansion Will Drive Long Term Appeal

Analysts have raised their price target on NTPC to ₹413.28. This reflects slightly stronger expected revenue growth and a modestly lower discount rate, partially offset by a small reduction in projected profit margins and future valuation multiples.
SWIGGY
₹361.00
Swiggy
7D
-8.4%
1Y
-29.1%

Calculating The Fair Value Of Swiggy Limited (NSE:SWIGGY)

Jan 03
Calculating The Fair Value Of Swiggy Limited (NSE:SWIGGY)
ITC
₹342.45
ITC
7D
-14.5%
1Y
-22.4%
500163
₹2,180.85
Godfrey Phillips India
7D
-18.1%
1Y
31.5%
COALINDIA
₹427.05
Coal India
7D
7.3%
1Y
12.4%

These 4 Measures Indicate That Coal India (NSE:COALINDIA) Is Using Debt Extensively

Jan 01
These 4 Measures Indicate That Coal India (NSE:COALINDIA) Is Using Debt Extensively
532215
₹1,293.60
Axis Bank
7D
3.8%
1Y
21.2%

532215: Leadership Changes And Asset Resolution Will Drive Positive Medium Term Outlook

Analysts have nudged their price target for Axis Bank slightly higher to approximately ₹1,378 from about ₹1,377, citing marginal improvements in long term fair value estimates, discount rate assumptions, and future earnings multiples that together support a modestly stronger valuation outlook. What's in the News Axis Bank has called a special or extraordinary shareholders meeting via postal ballot in India on January 18, 2026 to seek investor approvals on key resolutions (company filing).
HINDUNILVR
₹2,424.70
Hindustan Unilever
7D
5.9%
1Y
1.4%
MARUTI
₹17,292.00
Maruti Suzuki India
7D
3.9%
1Y
47.5%

MARUTI: Inclusive Mobility Push And Upcoming Results Will Support Balanced Long Term Outlook

Analysts have nudged their price target on Maruti Suzuki India marginally higher to approximately ₹17,586 per share, reflecting slightly stronger assumptions on long term revenue growth and valuation multiples, despite a broadly stable profit margin outlook. What's in the News Launched WagonR with an optional swivel seat to enhance accessibility for senior citizens and persons with disabilities, reinforcing the company’s focus on inclusive mobility in the mass segment (company announcement).
500480
₹4,129.15
Cummins India
7D
-6.1%
1Y
30.5%

500480: Future Profit Margins And Renewable Power Investment Will Drive Upside

Analysts have raised their fair value estimate for Cummins India from ₹4,558 to ₹5,370. This reflects expectations of slightly faster revenue growth, improved profit margins, and a modestly lower future P E multiple that together support a higher price target.
HDFCBANK
₹962.20
HDFC Bank
7D
-2.9%
1Y
12.3%
ICICIBANK
₹1,411.20
ICICI Bank
7D
5.1%
1Y
10.3%
500228
₹1,176.75
JSW Steel
7D
5.9%
1Y
29.1%
BAJFINANCE
₹977.35
Bajaj Finance
7D
-1.2%
1Y
32.9%

BAJFINANCE: Future Returns Expected To Strengthen As Block Deal Eases Overhang

Analysts have raised their price target on Bajaj Finance from ₹1,150 to ₹1,329, citing slightly faster expected revenue growth and a higher anticipated future P/E multiple, which more than offset a modest reduction in projected profit margins and discount rate. What's in the News Promoter Bajaj Finance may sell a 2% stake in Bajaj Housing Finance via a block deal on 2 December 2025, with around 166 million shares on offer at a likely floor price of INR 95 per share, about a 9% discount to the prior close.
SBIN
₹1,018.90
State Bank of India
7D
4.7%
1Y
30.8%

SBIN: Subsidiary Stake Sale And Audit Changes Will Shape Future Earnings Profile

Analysts have nudged their price target on State Bank of India slightly higher to ₹1,077.36 from ₹1,076.59, citing marginal improvements in long term profit margin assumptions and a modestly lower discount rate that together support a slightly richer future earnings multiple. What's in the News State Bank of India received regulatory approval to appoint 10 Chartered Accountant firms as Statutory Central Auditors for FY 2025-26, including 8 continuing and 2 newly appointed firms, reinforcing audit oversight for the bank.
WAAREEENER
₹2,634.40
Waaree Energies
7D
-11.6%
1Y
-4.9%