02 · Valuations — Centricity

Market Valuation Dashboard

Source: Trendlyne — Nifty 50 P/E, P/B & dividend yield as published 28-Aug-2026 (spot 24,252); Midcap 150 & Smallcap 250 per latest Trendlyne read; 5Y/7Y median & band per Trendlyne historical P/E analysis

as at 28-Aug-2026

Nifty 50Fair

Top 50 · Spot 24,252.00

20.50

P/E

3.17

P/B

1.20%

Div Yield

P/E vs 5Y Range

20.50×

5Y low · 18.9×5Y high · 28.3×

Below its 5Y median of ~22.1, at just 18% of the 5Y band — the cheapest of the three on its own history. Fairly priced, not cheap.

Nifty Midcap 150Fair

Companies ranked 101–250 by market cap · Spot 23,523.40

30.29

P/E

4.67

P/B

0.62%

Div Yield

P/E vs 5Y Range

30.29×

5Y low · 21.6×5Y high · 45.8×

Sits right on its 5Y median of ~29.8 (~1% above) — earnings have kept pace with price. Fair on its own history; P/B 4.67 still rich.

Nifty Smallcap 250Elevated

Companies ranked 251–500 by market cap · Spot 18,496.15

36.23

P/E

3.70

P/B

0.61%

Div Yield

P/E vs 5Y Range

36.23×

5Y low · 16.9×5Y high · 37.6×

Near its 5-year high — 93% of the band, ~20% above its 7Y median of ~30.0. Price has outrun earnings; selection is decisive.

Note: P/E is near the high of every window Trendlyne tracks — 1M, 3M, 6M, 1Y, 2Y and 5Y alike.

Market Psychology

How Markets Move in Cycles

Valuations tell you roughly where in the cycle you stand — sentiment tells you how crowded the trade is

as at 28-Aug-2026

Fear & Greed — Where Is Sentiment?

India Market Mood Index · 0 = extreme fear, 100 = extreme greed

48/100

Fear

0–30 · Extreme Fear

31–50 · Fear

51–70 · Greed

71–100 · Extreme Greed

Source: Tickertape Market Mood Index (tickertape.in/market-mood-index).

The Centricity Lens

01Markets are cyclical, not linear. The same arc of hope, greed, fear and despair has repeated for over a century — the names change, the pattern does not.

02Emotion and value diverge most at the extremes. The crowd feels safest at the top and most afraid at the bottom — which is precisely backwards.

03Valuation is the compass. Reasonably-priced large-caps but stretched small-caps and a market cooling toward fear say: stay invested, but be selective and lean toward quality.

04Discipline beats timing. Rebalance toward fear, trim into greed, and let asset allocation — not the mood of the market — anchor every decision.

Institutional Activity

Flows & Calendar-Year Performance

FII/DII cash-market net activity and long-run asset-class returns — who is buying, and what has actually paid

as at 31-Jul-2026

The Flows — Institutional net activity

Cash market · Net purchase / sales · ₹ CroreNSE + BSE · Provisional

Month	FII Net (₹ Cr)	DII Net (₹ Cr)	Nifty 50	Nifty 500
Jul-26Latest	+20,199	+35,099	+2.17%	—
Jun-26	−49,029	+85,800	+0.62%	+1.52%
May-26	−55,963.33	+82,688.93	−1.87%	−0.12%
Apr-26	−70,135.46	+51,063.87	+7.46%	+10.50%
Mar-26	−1,22,540.41	+1,42,960.37	−11.31%	−11.39%
Feb-26	−6,640.78	+38,423.11	−0.56%	+0.38%
Jan-26	−41,435.22	+69,220.74	−3.10%	−3.32%
Dec-25	−34,349.62	+79,619.91	−0.28%	−0.26%
Nov-25	−17,500.31	+77,083.78	+1.87%	+0.94%
Oct-25	−2,346.89	+52,794.02	+4.51%	+4.29%

Net FII · CY08 – CY26₹ Crore

Net DII · CY08 – CY26₹ Crore

Source: NSE, StockEdge, NiftyTrader — cash-market provisional data, secondary market only · July flows: FPI net +₹20,199 cr (NSDL — first net-buying month in four) and DII +₹35,099 cr; Nifty 50 July return +2.17% (23,865.75→24,383.60, month-end to month-end). Nifty 500 July figure pending official NSE confirmation.

Calendar-Year Performance — Asset Classes

CY10 – CY26 YTDRanked best to worst, top to bottom

Gold U.S. Equity Indian Equities Debt Real Estate

Real Estate: NHB House Price Index · Gold: Gold futures · Indian Equity: Nifty 50 TRI · U.S. Equity: S&P 500 TR · Debt: index calibrated on Aditya Birla SL Low Duration, HDFC Low Duration & Aditya Birla SL Corporate Bond funds · CY10 returns since 01-Apr-10 · CY26 YTD as on 30-Jun-2026.