Avenue Supermarts, Reliance Industries, MCX, Wipro, BSE India, ICICI General Insurance, Swiggy were among major gainers despite overall weakness in the Indian markets. The week started with major decline in Asian markets and selling pressure on US Futures indices. Indian markets closed 1.73 percent lower on Monday as selling pressure continued due to geopolitical issues in the Middle East. Oil prices jumped but by the end of the day, decline was witnessed in Crude and Gold prices. Overall, Indian markets are expected to remain volatile as global markets are currently facing news-based volatility. TopNews has reviewed some of the buzzing stocks for short term investors and traders.

Avenue Supermarts (DMart), Reliance Industries (RIL), and Multi Commodity Exchange (MCX) were among major gainers in today's session. Each stock reflects a distinct combination of earnings momentum, macroeconomic shifts, and investor sentiment. DMart is expanding its retail footprint despite valuation concerns and soft consumption trends. Reliance Industries is benefiting from favorable geopolitical developments and structural growth across energy, telecom, and digital infrastructure. Meanwhile, MCX has experienced extraordinary volatility driven by surging precious metals trading volumes and regulatory adjustments. Together, these companies illustrate how sector-specific catalysts and global forces are shaping investor expectations across India’s markets.

DMart Expands Physical Footprint While Navigating Consumption Headwinds

Avenue Supermarts, the operator of the DMart retail chain, has begun 2026 with a renewed push toward store expansion while maintaining steady operating performance. The company recently opened eight additional stores, reinforcing its strategy of deepening its brick-and-mortar presence across India’s rapidly evolving organized retail landscape.

This expansion builds upon an already strong operating base. By December 2025, DMart had grown its network to 442 operational stores, cementing its position as one of the country’s most efficient and disciplined retail operators.

Financially, the company delivered a robust performance in the third quarter of fiscal year 2026. Net profit increased 17.6 percent year-over-year, reflecting improvements in operating margins and steady demand across key product categories. Revenue during the quarter rose 13.2 percent compared with the same period last year, underscoring the resilience of DMart’s value-driven retail model even amid changing consumption patterns.

CEO-Designate Anshul Asawa highlighted a particularly notable metric in the company’s performance. Stores that have been operational for more than two years recorded 5.6 percent growth, a healthy indicator of mature store productivity. This growth occurred despite deflationary trends in staple categories, which have weighed on headline revenue expansion.

The market responded positively to the quarterly results. Following the announcement in January 2026, DMart shares climbed more than 3 percent. The stock has recently traded in the range of approximately Rs 3,875 to Rs 3,966, although it remains below its 52-week highs.

Yet investor sentiment toward the stock remains cautiously balanced.

Analyst Outlook on DMart: Growth Potential Tempered by Premium Valuations

Brokerage firm Axis Direct reaffirmed its constructive stance on the retailer following the Q3FY26 results. In its January 2026 note, the firm maintained a BUY rating on the stock while revising its target price to Rs 4,450, implying roughly 17 percent upside from prevailing levels at the time of the report.

Axis Direct’s valuation model assumes the stock trading at roughly 70 times its December 2027 estimated earnings. While the brokerage trimmed certain projections due to slower like-for-like sales growth, it continues to expect strong long-term expansion.

The firm forecasts compound annual growth rates between fiscal years 2025 and 2028 of:

• 19 percent revenue CAGR
• 20 percent EBITDA CAGR
• 17 percent PAT CAGR

However, the broader analyst community appears less unified in its outlook. Across more than thirty market analysts, sentiment remains mixed.

Analyst Consensus Snapshot:

This divergence reflects concerns about the company’s elevated valuation multiples. With the stock trading near 88 times earnings, investors are weighing whether growth in India’s consumption cycle will accelerate quickly enough to justify the premium.

The long-term thesis remains intact: DMart’s operational discipline, scale efficiencies, and pricing power provide durable competitive advantages. But in the near term, slower consumption growth and deflation in staples could limit immediate upside.

Reliance Industries Gains Momentum as Geopolitics Boost Refining Economics

While DMart’s story is driven by domestic consumption dynamics, Reliance Industries’ trajectory in 2026 is being shaped partly by geopolitics.

The conglomerate’s shares surged approximately 2 percent on March 6, 2026, approaching record highs after the United States eased certain restrictions on India’s purchases of Russian crude oil. The policy adjustment significantly improves the economics of Reliance’s refining operations at its Jamnagar complex.

Access to discounted Russian crude — particularly the Urals blend — enables the company to strengthen its Gross Refining Margins (GRMs), enhancing profitability in the oil-to-chemicals (O2C) segment.

Investment bank Morgan Stanley has remained firmly bullish on the stock. In a January 2026 research note released ahead of Reliance’s Q3FY26 earnings, the firm raised its price target to Rs 1,847 from Rs 1,701 and reiterated an Overweight rating. At the time of the report, that target suggested roughly 20 percent potential upside.

Morgan Stanley describes Reliance as entering its fourth major monetization cycle, following nearly $80 billion in cumulative investments across multiple business segments.

The firm identifies several catalysts expected to unfold sequentially through 2026:

• Refining up-cycle supporting earnings in the first half of the year
• Jio ARPU expansion and retail growth strengthening telecom and consumer divisions
• Potential IPOs in digital and new energy businesses
• Recovery in petrochemical margins
• Monetization of AI-driven data center infrastructure

A subsequent Morgan Stanley update around February 2026 maintained the Overweight stance with a slightly revised target of Rs 1,803, implying nearly 28 percent upside from then-current prices.

Reliance Analyst Consensus Signals Continued Re-Rating Potential

The broader analyst community remains largely constructive on Reliance Industries.

Across roughly three dozen analysts, the consensus 12-month target price falls between Rs 1,635 and Rs 1,718.

Another brokerage commentary in early March cited strong refining dynamics as an immediate catalyst. The report issued a BUY recommendation with trading targets between Rs 1,480 and Rs 1,500, accompanied by a stop-loss near Rs 1,460.

Industry analysts estimate refining margins currently near $14 per barrel, approximately 1.5 times the mid-cycle average. Such margins significantly enhance cash flows from the company’s refining operations.

Combined with its telecom and digital platforms, Reliance continues to evolve from a traditional energy company into a diversified technology-enabled conglomerate.

MCX Experiences Extraordinary Volatility Amid Precious Metals Boom

In contrast to the steady narratives around DMart and Reliance, the story of Multi Commodity Exchange in early 2026 has been defined by dramatic volatility.

The exchange operator witnessed a remarkable rally following its third-quarter results. MCX shares surged roughly 14 percent across two trading sessions, reaching record highs near Rs 2,605.

The rally was fueled primarily by a surge in trading volumes linked to rising precious metals prices. Gold and silver volatility has intensified hedging demand among institutional participants and speculative traders alike.

MCX also expanded its product suite to capitalize on this demand. New contracts introduced in recent months include:

• Gold Mini Futures
• Gold Ten Futures
• BULLDEX options launched in October 2025

The platform’s operating leverage has amplified the impact of these volume increases, translating directly into stronger earnings momentum.

However, the euphoria proved short-lived.

On January 31, 2026, MCX shares plunged approximately 15 percent, falling to intraday lows near Rs 2,146. The correction was triggered by a combination of profit-taking, heightened volatility in commodity prices, and investor caution ahead of the Union Budget.

Gold prices retreated to roughly Rs 1,36,000, while silver experienced sharp swings, declining from Rs 4,20,000 to Rs 2,84,000. Meanwhile, margin requirements were raised to 20 percent for gold and 25 percent for silver, dampening speculative trading activity.

Recent trading ranges have fluctuated significantly as investors attempt to reassess valuation levels following the rally.

Analyst Sentiment on MCX Remains Strong Despite Market Swings

Despite the sharp volatility, most analysts maintain a constructive outlook on the exchange operator.

Among nine analysts tracking the stock, the consensus recommendation is broadly categorized as Outperform.

Approximately 66.7 percent of analysts recommend BUY, with average price expectations near Rs 7,761 in some projections.

Earlier research coverage by Haitong International had initiated the stock with an Outperform rating and a target price of Rs 2,790.

The underlying thesis remains straightforward: sustained volatility in global commodities markets directly increases trading volumes on MCX. As long as gold and silver continue to attract hedging demand, exchange revenues could remain structurally elevated.

Nevertheless, near-term risks remain tied to regulatory changes, margin adjustments, and fluctuations in commodity prices.