MMI is in the greed zone. It suggests that investors are acting greedy in the market, but the action to be taken depends on the MMI trajectory.
Since last week: Sentiment moved from Fear (40.47) to Greed (58.12).
Stock Spotlight Of The Day
Religare Enterprises Limited
Market Cap
8,123 Cr
Current Price
₹244
Stock P/E
79.0
Dividend Yield
0.00%
ROCE
8.39%
ROE
5.15%
Shareholding Changes (Impact Factors)
FIIs
QoQ
-0.2%
YoY
-0.44%
Stable foreign holding
DIIs
QoQ
-0.94%
YoY
-3.81%
Stable domestic holding
Promoters
QoQ
0.44%
YoY
26.27%
Slight confidence boost
Quarterly Summary (Absolute)
Sales
QoQ
Flat trend
-1.01%
YoY
Strong momentum
23.26%
Expenses
QoQ
Mild increase
7.01%
YoY
High escalation
24.34%
Operating Profit
QoQ
Erosion
-241.79%
YoY
Huge margin gains
55.74%
Net Profit
QoQ
Collapsed
-267.39%
YoY
Strong earnings
22.22%
Profit & Loss (Compounded)
Sales Growth
10 Years
6%
5 Years
25%
3 Years
32%
TTM
12%
Profit Growth
10 Years
-2%
5 Years
17%
3 Years
28%
TTM
248%
Stock Price CAGR
10 Years
-2%
5 Years
29%
3 Years
17%
1 Year
4%
Return on Equity
10 Years
None%
5 Years
None%
3 Years
4%
Last Year
5%
Fundamentals Corner
The company’s growth momentum is stalling, with TTM sales growth collapsing to 12% from a 32% three-year average while expenses have begun outstripping revenue.
Despite a misleading TTM profit surge, recent quarterly losses and a meager 5% ROE signal weakening fundamental health that cannot justify the aggressive 79.0 P/E valuation.
Retail investors should be wary of this disconnect, as the stock is priced for perfection while operational efficiency is currently deteriorating.
News TidBits
Religare Enterprises is undergoing a major strategic restructuring through a demerger into two distinct entities, Religare Enterprises and Religare Finvest, via a 1:1 share swap.
The primary objective of this move is to unlock shareholder value by creating a dedicated structure for its core Non-Banking Financial Company (NBFC) operations.
This restructuring is expected to streamline the corporate framework and improve management focus across its varied financial services portfolio.
Investors should monitor the regulatory approval timeline as the demerger seeks to resolve historical complexities and position the lending business for future growth.
The 1:1 swap ratio ensures that existing shareholders maintain their proportionate interest across both the parent entity and the newly independent financial arm.
Stacks on Stacks: Tip Time 🤑
In a corrective market where indices fail to reclaim technical resistance, 'cash readiness' is not a lack of action but a strategic choice to wait for high-probability setups.
Metals Market
Commodity
Price
Day
Monthly
YoY
Gold
USD/t.oz
5043.92
2.48%
8.99%
75.09%
Silver
USD/t.oz
77.402
2.98%
-16.91%
140.88%
Copper
USD/Lbs
5.803
0.3%
-4.17%
25.48%
Steel
CNY/T
3056
0.53%
-2.8%
-4.68%
Lithium
CNY/T
143750
0.88%
-11.81%
88.52%
Iron Ore CNY
CNY/T
762.5
-0.26%
-6.56%
-7.41%
Platinum
USD/t.oz
2077.1
2.74%
-12.94%
107.77%
HRC Steel
USD/T
972
-0.92%
3.51%
26.56%
Iron Ore
USD/T
99.66
-0.71%
-7.45%
-6.71%
Silicon
CNY/T
8330
0.79%
-3.87%
-22.83%
Scrap Steel
USD/T
375.5
0.4%
0%
4.45%
Titanium
CNY/KG
45.5
0%
0%
0%
Precious metals have seen a strong rebound, with Gold and Silver prices rising by 2.48% and 2.98% respectively, as disappointing US inflation data weakens the Dollar and reignites safe-haven demand.
Industrial metals like Copper and Lithium show modest gains, though Iron Ore remains under pressure with prices down 0.71% due to shifting manufacturing cycles and global inventory dynamics.
High geopolitical tensions and geoeconomic confrontation are expected to keep commodity markets volatile through 2026, even if spot prices experience temporary lulls in the short term.
Platinum and Silver have exhibited significant year-on-year growth of 107% and 140% respectively, reflecting a massive structural shift in demand for precious and industrial-linked commodities.
Top News Developments
Indian IT Sector Faces Valuation and AI Growth Mismatch
Heavyweights like TCS and Infosys have seen significant valuation pressure as the market reassesses the lack of large-scale AI contract values.
Average sector valuations of 20x forward P/E appear stretched against a modest business outlook and the threat of shorter project cycles.
The industry is pivoting toward affordable and sustainable AI models, such as Sarvam AI, suggesting the next leg of growth will be driven by cost-efficiency.
Technical Breakdown Triggers Retail Shift to Real Assets
Nifty has entered a corrective phase after breaching its 20-day moving average, with analysts eyeing 25,300 and 25,000 as crucial psychological floors.
Data shows a significant rotation by retail investors out of large-cap and PSU stocks, signaling a shift toward profit-booking amid rising volatility.
There is a growing emphasis on 'durable cash flows' and value investing in infrastructure and real estate as purely speculative growth trends cool down.
Consolidation in Healthcare and Real Estate Markets
Macrotech's acquisition of an 80% stake in Solidrise Realty signals continued consolidation and aggressive expansion in high-growth residential markets like Pune.
The launch of dedicated Hospital ETFs highlights a structural shift toward healthcare, driven by rising insurance penetration and capacity expansion.
Corporate earnings show an extreme divergence, where gems like Renaissance Global posted 36% profit growth while others saw declines exceeding 60%.
IPO Watchlist
Upcoming IPOs
PNGS Reva Diamond Jewellery is scheduled to open on February 24 with a modest Grey Market Premium (GMP) of 5.18%, reflecting cautious initial interest in the retail jewelry segment.
The primary market pipeline is expanding with Gaudium IVF and Fractal Industries, testing retail investor appetite for specialized healthcare and tech-enabled industrial services.
PNGS Reva Diamond Jewellery
380.00
Date:24 Feb - 26 Feb
List:4 Mar
Subscription: -
GMP: 5.18%
Cha-Ching Cheatsheet 💵
The recent 50% crash in several penny stocks serves as a reminder that liquidity is a luxury you only realize you've lost when you are desperate to exit a position.
Global Markets
Country
Category
Current PE
Forward PE
Forward PEG
🇫🇷 France
Undervalued
17.9
15.3
1.0
🇬🇧 United Kingdom
Undervalued
15.3
13.7
1.3
🇩🇪 Germany
Fairly Valued
19.0
15.6
0.9
🇦🇺 Australia
Fairly Valued
21.1
19.1
2.1
🇹🇭 Thailand
Fairly Valued
15.6
-
-
🇮🇩 Indonesia
Fairly Valued
17.6
12.0
0.4
🇸🇬 Singapore
Fairly Valued
17.7
-
-
🇨🇳 China
Fairly Valued
18.8
15.5
0.9
🇰🇷 South Korea
Fairly Valued
21.1
12.9
0.3
🇺🇸 United States
Fairly Valued
25.7
22.2
1.6
🇮🇳 India
Fairly Valued
21.2
21.0
22.3
* Valuation category is calculated as a weighted average of PE ratio, CAPE, forward PE, historical PEG, and forward PEG. We are currently showing PE, Forward PE, and Forward PEG for reference.
US Dow profit booking → risk appetite shifts → triggered defensive rotation away from high-beta EM equities into Indian defensives.
Dollar eased post-Fed cues → currency moves → boosted rupee stability → FIIs added to rate-sensitive financial positions.
Metals tumbled on China demand fears → commodity linkages → pressured Indian miners → selective rotation spared infra plays.
EM index rose 34% in 2025 → growth expectations → narrowed India premium → invited FII flows chasing relative value.
RBI dovish stance widened rate differentials → eased EM borrowing → financials gained as long-bond yields dipped.
Emerging Opportunities
Infra developers + Budget highway push + Buy L&T IRB proxies as order books swell post-fiscal signals.
IPO midcaps + Feb 24k Cr pipeline + Target growth names in advanced approvals for fresh issuance upside.
High ROE consumer services + Valuation correction + Accumulate as weak cohort drags broader premium.
Power financiers + RBI rate relief + Manappuram-like gold loans expand on rural demand rebound.
Metals contrarian + Post-tumble dip + Vedanta Hindalco at cycle lows ignoring China demand revival bets.
Policy & Regulations
The RBI has introduced new draft guidelines against mis-selling and unsuitable product profiling, which aim to improve long-term consumer trust while likely increasing compliance costs for domestic banks.
Manappuram Finance received crucial regulatory approval for Bain Capital affiliates to acquire a stake of up to 41.66%, providing a significant capital cushion and institutional backing for the gold loan financier.
Emerging global clarity, such as the push for the Clarity Act in the US, is expected to reduce cross-border financial volatility and impact the regulatory trajectory for digital assets in the Indian ecosystem.
Crypto Buzz
Name
Price
Market Cap
24h Change
ATH Change
Bitcoin (BTC)
$70342
$1.41T
0.06%
-44.21%
Ethereum (ETH)
$2061.35
$249.12B
-1.82%
-58.32%
Tether (USDT)
$0.999699
$183.70B
-0.01%
-24.44%
XRP (XRP)
$1.59
$96.76B
8.48%
-56.45%
BNB (BNB)
$629.76
$85.93B
-0.48%
-54.03%
Bitcoin has reclaimed the $70,000 level amid a broad-based recovery that saw the total global market capitalization rise by 1.76% to approximately $2.5 trillion.
XRP has significantly outperformed the broader market with an 8.48% daily surge, reflecting heightened trading momentum and specific interest in high-cap altcoins.
Global regulatory movements, including US legislative pushes for asset clarity, are beginning to reduce the sentiment of uncertainty that has historically plagued the digital asset space.
Indian Macroeconomy
Currency
Exchange rate against USD
90.56
→
0
Previous: 90.56
As of Feb 26
Nominal GDP
Annual growth including inflation
8.2%
0.4%
Previous: 7.8%
As of Sep 25
CPI Inflation
Consumer price increase
2.75%
1.42%
Previous: 1.33%
As of Jan 26
Repo Rate
RBI lending rate
5.25%
→
0%
Previous: 5.25%
As of Feb 26
Trade Balance
Exports minus imports
$-25.04B
$-0.51B
Previous: $-24.53B
As of Dec 25
Current Account
Global trade, income & transfers
$-12292M
$-9570M
Previous: $-2722M
As of Sep 25
Mfg PMI
Manufacturing activity level
55.4 points
0.4 points
Previous: 55 points
As of Jan 26
Services PMI
Services activity level
58.5 points
0.5 points
Previous: 58 points
As of Jan 26
India's GDP growth remains resilient at 8.2%, outperforming previous figures, although a rise in inflation to 2.75% and a widening trade deficit suggest emerging pressure on the current account.
Strong Manufacturing and Services PMI readings of 55.4 and 58.5 respectively indicate continued expansion in the domestic economy, supported by a 'competitiveness-led integration' narrative following recent trade deals.
Foreign Portfolio Investors (FPIs) have staged a sharp turnaround, pumping nearly ₹19,675 crore into Indian equities in early February, signaling renewed institutional confidence linked to strengthening US-India trade ties.
The appointment of a sovereign wealth fund official as Saudi Arabia’s Investment Minister points to shifting global capital flows that could enhance liquidity across emerging markets like India.
