Indian market pulse · 1683 companies · combined market cap ₹413 lakh crore · data as of 9 Oct 2026.
Valuations are higher than 34% of months since Jan 2019. Combined earnings grew 7.6% over the past year, led by Finance. 46% of stocks trade above their 200-day average.
Valuation temperature: 34 / 100 — Mild. Today's market-wide valuation is higher than in 34% of months since Jan 2019.
Valuation temperature: 31 / 100 — Mild. Today's constant-panel valuation is higher than in 31% of months since Jan 2019.
The comparison window is short (since Jan 2019) and includes the March 2020 fall, which anchors the low end. The set of companies changes over time; the constant panel keeps it fixed.
The valuation temperature compares today's market-wide P/E, P/B and P/S with their own values since January 2019. It is a descriptive statistic, not a forecast or a signal to buy or sell. High readings have been followed by both rises and falls.
Aggregate P/E 25.0x vs median 32.0x. The typical company trades at a higher multiple than the market-cap-weighted whole, so the largest companies are not what lifts the aggregate.
Median P/E (band: 25th–75th percentile)Market-cap-weighted aggregate
Median P/E, ex-financialsMarket-cap-weighted aggregate
Aggregate P/B (market cap / book equity)
Aggregate P/S, ex-financials
Median P/E covers companies with positive earnings above ₹500 cr market cap; 80 loss-making companies are left out of the median. The aggregate is total market cap divided by total net profit (TTM), loss-makers included. P/S excludes financials, whose revenue is interest income.
Combined net profit of the 1574 companies with comparable figures grew 7.6% year on year. The median company's EPS grew 9.8%; 62% of companies reported higher earnings. Over the same year the ApnaFunda all-company index moved −4.2%.
Combined net profitMedian company EPS
Companies whose share count rose by more than 20% in a year (mergers, large issuance) are left out of the year-on-year panel in the months that step affects, since their earnings are not comparable with a year earlier.
Fiscal years from annual profit and loss statements, over companies with both years. This is the series most affected by survivorship: companies that left the market are not in it.
12-month growth to Oct 2026: +7.6% on 1574 companies. Finance contributed 4.9 of the 7.6 points of growth; Industrial Services subtracted 0.7 points. Excluding Finance, earnings grew 4.2%.
36-month growth to Oct 2026: +55.7% on 1243 companies. Finance contributed 26.4 of the 55.7 points of growth; Process Industries subtracted 0.4 points. Excluding Finance, earnings grew 45.4%. That is 15.9% a year.
Bars show each sector's contribution in percentage points to the growth of combined net profit; they add up to the total. Select a sector to open its page.
41% of non-financial companies earned a pre-tax ROCE above an assumed 15% hurdle, compared with 55% in Jan 2019. Weighted by capital employed, 35% of capital sits in companies above the hurdle.
Share of companiesShare of capital employed
An assumed 11% post-tax cost of capital, grossed up by the 25.17% corporate tax rate, gives about 14.7%, rounded to 15% for ROCE, which is pre-tax. The hurdle is an assumption, not a measured cost of capital.
ROCE is annual: each company's figure steps once a year as results are reported. Financial companies are shown separately because ROCE does not describe lenders.
46% of 1337 companies above ₹500 cr market cap closed above their 200-day average on 9 Oct 2026.
Month to date: 74 companies closed at a new 52-week high and 213 at a new 52-week low (of 1341 with a full year of closes).
Breadth is shown separately from the temperature. Companies below ₹500 cr market cap are excluded.
Constant panel: 1059 companies present throughout, 84% of today's combined market cap. Temperature 34 (all companies) vs 31 (constant panel).
| Bias | Effect on this page | What we do |
|---|---|---|
| Delisted, merged or suspended names are absent | Past breadth, earnings and market cap look better than they were | Disclosed; mergers are kept out of growth figures |
| New listings enter during the period | Totals and medians shift with composition, not only prices | Growth uses the same companies at both ends; a constant panel is shown for valuation |
| Today's survivors did better than average | Historical growth and breadth lean upward | Long annual history is labelled "companies listed today" |
Valuation. Median P/E is over companies with positive earnings and at least ₹500 cr market cap. The aggregate is total market cap over total TTM net profit. P/B uses total book equity; P/S uses non-financial companies only.
Temperature. Each of four measures (aggregate earnings yield, median P/E, aggregate P/B, aggregate P/S) is ranked against its own history from Jan 2019 to that month, using only data available then. The temperature is the average of those percentiles, shown once at least 36 months of history exist. Breadth is not part of it.
Earnings growth. Combined TTM net profit of companies with figures at both ends, at least 30 companies covering at least 70% of market cap. Fundamentals are used 60 days after each period ends.
Return on capital. ROCE is pre-tax and annual; the hurdle is an assumption.
Breadth. Companies at least ₹500 cr in market cap; the 200-day average needs 200 closes and a recent close.
Market Pulse summarises reported financials (used 60 days after each period ends) and daily closing prices for the companies ApnaFunda currently tracks. It includes only companies listed today: companies that delisted, merged or were suspended since 2019 are missing (survivorship bias), which tends to flatter historical earnings growth and breadth. The cost-of-capital hurdle is an assumption. Figures may contain errors and differ from NSE/BSE index statistics. This is not investment advice, and ApnaFunda is not a SEBI-registered investment adviser or research analyst. Consult a registered adviser before investing.