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Indian (NIFTY) Market Analysis & Valuation

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies4940
  • 7D-2.8%
  • 3M-1.3%
  • 1Y3.8%
  • YTD-1.9%

Over the last 7 days, the market has dropped 2.8%, driven by pullbacks in every sector, especially the Financials sector. In contrast to the last week, the market is actually up 3.8% 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
Sat, 10 Jan 2026₹467.7t₹184.3t₹18.2t24.8x25.7x2.5x
Mon, 08 Dec 2025₹469.7t₹184.0t₹18.2t25.6x25.8x2.6x
Wed, 05 Nov 2025₹469.2t₹180.7t₹18.1t27.8x26x2.6x
Fri, 03 Oct 2025₹454.4t₹178.9t₹17.6t27.7x25.8x2.5x
Sun, 31 Aug 2025₹442.8t₹177.8t₹17.6t27.4x25.1x2.5x
Tue, 29 Jul 2025₹445.7t₹174.5t₹17.4t29x25.6x2.6x
Thu, 26 Jun 2025₹452.3t₹173.4t₹17.1t29.6x26.4x2.6x
Sat, 24 May 2025₹440.4t₹172.8t₹17.0t27.8x25.9x2.5x
Mon, 21 Apr 2025₹416.9t₹169.2t₹16.8t26.7x24.8x2.5x
Wed, 19 Mar 2025₹395.5t₹169.0t₹16.8t24.9x23.6x2.3x
Fri, 14 Feb 2025₹402.4t₹164.3t₹16.7t27.6x24.1x2.4x
Sun, 12 Jan 2025₹427.8t₹168.0t₹16.4t31.3x26.1x2.5x
Tue, 10 Dec 2024₹457.1t₹167.6t₹16.4t32.9x28x2.7x
Thu, 07 Nov 2024₹450.5t₹166.6t₹16.1t33.5x27.9x2.7x
Sat, 05 Oct 2024₹457.8t₹163.0t₹16.0t33.7x28.6x2.8x
Mon, 02 Sep 2024₹461.1t₹162.8t₹16.0t34.3x28.9x2.8x
Wed, 31 Jul 2024₹457.0t₹161.3t₹15.8t34.9x28.9x2.8x
Fri, 28 Jun 2024₹436.3t₹160.1t₹15.8t32.6x27.6x2.7x
Sun, 26 May 2024₹418.1t₹164.6t₹16.6t31x25.2x2.5x
Tue, 23 Apr 2024₹389.5t₹155.6t₹14.9t30.7x26.2x2.5x
Thu, 21 Mar 2024₹370.0t₹154.9t₹14.8t28.5x25x2.4x
Sat, 17 Feb 2024₹384.8t₹154.8t₹14.8t31.4x26.1x2.5x
Mon, 15 Jan 2024₹368.9t₹152.5t₹14.2t31.5x26x2.4x
Wed, 13 Dec 2023₹346.0t₹152.2t₹14.1t29x24.5x2.3x
Fri, 10 Nov 2023₹316.0t₹152.4t₹14.0t27.9x22.5x2.1x
Sun, 08 Oct 2023₹321.3t₹152.4t₹13.4t27.8x23.9x2.1x
Tue, 05 Sep 2023₹316.5t₹152.3t₹13.4t27.5x23.6x2.1x
Thu, 03 Aug 2023₹305.4t₹151.6t₹13.0t26.8x23.6x2x
Sat, 01 Jul 2023₹293.7t₹149.9t₹12.5t25.5x23.5x2x
Mon, 29 May 2023₹280.0t₹150.4t₹12.5t23.2x22.3x1.9x
Wed, 26 Apr 2023₹264.5t₹145.3t₹12.3t22x21.5x1.8x
Fri, 24 Mar 2023₹254.1t₹144.8t₹12.1t20.6x20.9x1.8x
Sun, 19 Feb 2023₹264.1t₹145.0t₹12.2t21.6x21.7x1.8x
Tue, 17 Jan 2023₹278.3t₹139.5t₹11.9t23x23.3x2x
Price to Earnings Ratio

23.3x


Total Market Cap: ₹278.3tTotal Earnings: ₹11.9tTotal Revenue: ₹139.5tTotal 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-2.80%
Healthcare-0.88%
Consumer Staples-1.20%
Tech-1.59%
Financials-2.27%
Real Estate-2.28%
Materials-2.50%
Consumer Discretionary-2.80%
Telecom-3.43%
Industrials-3.64%
Utilities-5.51%
Energy-6.23%
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 31.4%, 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 7.1% 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₹1.40k3.6%
+₹349.7b		12.4%PB3xFinancials
500114 Titan₹4.20k3.8%
+₹135.3b		22.2%PE90.4xConsumer Discretionary
500049 Bharat Electronics₹418.853.9%
+₹115.1b		54.6%PE53.8xIndustrials
SOLARINDS Solar Industries India₹13.19k6.9%
+₹77.4b		38.4%PE90.4xMaterials
HINDUNILVR Hindustan Unilever₹2.37k1.0%
+₹63.6b		-2.8%PE56.3xConsumer Staples
See more

Market Insights

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What research teams agree on – and where they don’t – heading into 2026.
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Latest News

RELIANCE
₹1,475.30
Reliance Industries
7D
-7.3%
1Y
18.8%
BAJFINANCE
₹959.60
Bajaj Finance
7D
-3.1%
1Y
31.7%

BAJFINANCE: Future Returns Will Strengthen As Block Deal Refines Overhang

Analysts have kept their fair value estimate for Bajaj Finance unchanged at ₹1,329.00, with only modest tweaks to assumptions such as a slightly lower discount rate, a small adjustment to revenue growth and profit margin expectations, and a marginally reduced future P/E multiple. Together, these changes refine rather than rethink their overall view.
500049
₹418.85
Bharat Electronics
7D
3.9%
1Y
54.6%
ITC
₹337.15
ITC
7D
-3.7%
1Y
-24.2%
500114
₹4,203.00
Titan
7D
3.8%
1Y
22.2%

500114: Future Board Decisions And Leadership Changes Will Support Steady Earnings Profile

Analysts have slightly increased their fair value estimate for Titan from US$4,218.03 to US$4,243.17, citing modestly higher assumed revenue growth and profit margins, along with a slightly lower discount rate and a largely unchanged future P/E multiple. What's in the News Titan Company Limited has scheduled a Board Meeting on Nov 03, 2025 at 14:00 Indian Standard Time to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (Key Developments).
LICI
₹829.00
Life Insurance Corporation of India
7D
-3.7%
1Y
-1.3%
532454
₹2,027.30
Bharti Airtel
7D
-3.8%
1Y
25.5%

532454: Network Expansion And API Monetisation Will Likely Support Balanced Outlook

Analysts have nudged their fair value estimate for Bharti Airtel slightly higher to ₹2,319.74 from ₹2,298.76, citing updated assumptions that combine a lower revenue growth outlook with a firmer profit margin and a broadly steady future P/E multiple. What's in the News Bharti Airtel launched "Airtel Cartoon Network Classics" on Airtel Digital TV in partnership with Warner Bros.
DMART
₹3,801.30
Avenue Supermarts
7D
2.2%
1Y
3.1%
DIVISLAB
₹6,616.50
Divi's Laboratories
7D
3.5%
1Y
14.6%

Earnings Not Telling The Story For Divi's Laboratories Limited (NSE:DIVISLAB)

Dec 30
Earnings Not Telling The Story For Divi's Laboratories Limited (NSE:DIVISLAB)
HINDUNILVR
₹2,372.60
Hindustan Unilever
7D
1.0%
1Y
-2.8%
SOLARINDS
₹13,191.00
Solar Industries India
7D
6.9%
1Y
38.4%

We Think Solar Industries India (NSE:SOLARINDS) Might Have The DNA Of A Multi-Bagger

Dec 26
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HDFCBANK
₹939.00
HDFC Bank
7D
-6.3%
1Y
13.4%
ICICIBANK
₹1,404.30
ICICI Bank
7D
3.6%
1Y
12.4%
HCLTECH
₹1,661.40
HCL Technologies
7D
1.3%
1Y
-16.7%
512599
₹2,153.20
Adani Enterprises
7D
-5.6%
1Y
-9.3%

512599: Future Infrastructure And Capital Raises Will Drive Expansion

Analysts have slightly raised their price target on Adani Enterprises to ₹2,965 per share from ₹2,965 previously. This reflects steady assumptions on long term growth, margins and valuation multiples despite only marginal tweaks to the discount rate and forward earnings estimates.
500510
₹4,026.75
Larsen & Toubro
7D
-3.3%
1Y
13.9%

500510: Defence And Energy Projects Will Support Balanced Medium-Term Prospects

Analysts have modestly raised their fair value estimate for Larsen & Toubro from ₹4,399.97 to ₹4,457.87. This reflects slightly higher confidence in its future earnings multiple and profit margins, despite broadly unchanged growth and discount rate assumptions.