Ajeeb Performance Dekho, Bhai!
Ye rally mostly sabhi sectors mein hui aur lagbhag 40 Nifty stocks green mein band hue. State Bank of India (SBI) toh 7% tak bhaag gaya, unke Q3 FY26 results mast the aur unhone apni future guidance bhi badha di. Reliance Industries bhi bhala kaise peeche rehta! Iske alawa, Tata Steel ne bhi estimates ko beat kiya.
Aur Kya Hua Aaj Market Mein?
Consumer durables aur PSU banks sectors ne bhi kamaal dikhaya. Midcap mein Kalyan Jewellers 15% se zyada uchhal gaya apne Q3 earnings ke baad. Zydus Lifesciences bhi 4% badha, unki revenue 30% YoY increase hui. Textile stocks jaise Gokaldas Exports 7% upar chala gaya India-US trade framework ki wajah se. Aur toh aur, Vodafone Idea ke shares bhi 4% badhe jab promoter Kumar Mangalam Birla ne open market mein aur shares kharid liye.
Paisa Kahan Hai? Valuation Ka Khel!
Bade indices ko dekhein toh Nifty 50 ka P/E ratio abhi 22.3 hai aur BSE Sensex ka 23.2, matlab market abhi reasonable range mein hai. Lekin alag alag stocks ki alag kahani hai. Titan Company jaise growth stocks ka P/E ratio 85-96 tak chal raha hai, jo dikhata hai ki investors ko unse bahut ummeed hai. Grasim Industries bhi 21-48 ke range mein trade ho raha hai. Par Power Finance Corporation (PFC) aur Rural Electrification Corporation (REC) jaise infrastructure financiers ka P/E ratio bahut kam hai, PFC ka lagbhag 5.5 aur REC ka around 5.7.
Par REC/PFC Ka Kya Scene Hai?
Yahan par thodi gadbad hai. Jab in do companies ke boards ne merger approve kiya, tab bhi dono ke shares red mein band hue. Lagta hai investors ko is consolidation par thoda shak hai, ya phir unko integration process mein koi dikkat aa sakti hai. Market ye sab cheezein bade dhyan se dekh raha hai.
Bear Case Batao Toh Sahi
Toh bhai, market toh earnings par chal raha hai, ye toh saaf hai. Lekin yeh REC/PFC wala case thoda alag hai aur investors ko chintit kar raha hai. Jo stocks already bahut mehange hain, jaise Titan (P/E 90-96) aur Kalyan Jewellers (37-43), un par bhi risk ho sakta hai agar unki earnings growth thodi bhi kam hui toh, especially jab macroeconomic uncertainties hain.