High-Value Turnover and Market Performance
On 19 Jan 2026, Polycab India Ltd (symbol: POLYCAB) recorded a total traded volume of 2,92,044 shares, translating into a substantial traded value of ₹212.31 crores. This places the stock among the most actively traded equities by value on the day, reflecting heightened market participation. The stock opened at ₹7,182.5, touched a day’s high of ₹7,339.0, and closed at ₹7,263.5, marking a 2.00% gain from the previous close of ₹7,121.5.
Notably, Polycab outperformed its sector by 1.7% and delivered a 1.54% return on the day, while the Cables - Electricals sector declined by 0.36% and the Sensex fell by 0.52%. This relative strength highlights the stock’s resilience amid broader market pressures.
Technical and Trend Analysis
The stock’s price action indicates a trend reversal after six consecutive days of decline, signalling renewed buying interest. Polycab’s last traded price remains above its 200-day moving average, a key long-term support level, although it is still trading below its 5-day, 20-day, 50-day, and 100-day moving averages. This mixed technical picture suggests that while the stock has stabilised, it faces resistance in the short to medium term.
Liquidity remains robust, with the stock’s traded value representing approximately 2% of its five-day average traded value, supporting trade sizes up to ₹13.02 crores without significant price impact. However, delivery volumes have declined by 37.39% compared to the five-day average, indicating a temporary dip in investor participation despite the high turnover.
Institutional Interest and Market Capitalisation
Polycab India Ltd is classified as a mid-cap company with a market capitalisation of ₹1,08,868.15 crores. The company’s Mojo Score stands at 71.0, reflecting a positive outlook, and it was recently upgraded from a Hold to a Buy rating on 21 Jul 2025. This upgrade signals improved fundamentals and growing institutional confidence in the stock’s growth prospects.
The company’s market cap grade is 2, indicating a solid mid-cap standing within its industry. The upgrade and strong Mojo Grade are likely contributors to the increased trading activity and price appreciation observed.
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Sector Context and Competitive Positioning
The Cables - Electricals sector has faced mixed headwinds recently, with supply chain disruptions and fluctuating raw material costs impacting margins. Despite these challenges, Polycab’s ability to outperform its sector peers on a day of broad market weakness is noteworthy. The company’s diversified product portfolio and strong distribution network have helped it maintain steady demand and pricing power.
Polycab’s recent price strength may also be attributed to expectations of improved earnings growth and margin expansion, supported by operational efficiencies and cost control measures implemented over the past quarters. Investors appear to be positioning for a potential earnings upgrade cycle, which could further enhance the stock’s appeal.
Order Flow and Investor Sentiment
Market data indicates a large order flow in Polycab shares, with institutional investors likely driving the bulk of the value traded. The stock’s liquidity profile supports sizeable trades, making it attractive for portfolio managers seeking mid-cap exposure with reasonable market depth.
While delivery volumes have dipped recently, the overall trading volume and value suggest active participation from both retail and institutional segments. This dynamic could signal a consolidation phase before a sustained upward move, as investors digest recent price gains and await further corporate developments or sector tailwinds.
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Valuation and Outlook
Polycab’s current valuation metrics remain attractive relative to its historical averages and sector peers. The stock’s price-to-earnings ratio is supported by steady revenue growth and improving profitability metrics. Analysts expect the company to benefit from increased infrastructure spending and electrification trends, which should drive demand for cables and related electrical products.
Given the recent upgrade to a Buy rating and the positive Mojo Score, investors may consider Polycab as a compelling mid-cap opportunity within the electrical cables space. However, cautious monitoring of raw material price volatility and macroeconomic factors remains prudent.
Conclusion
Polycab India Ltd’s strong value turnover, sector outperformance, and recent upgrade highlight its growing appeal among investors. The stock’s technical rebound after a prolonged decline, combined with robust liquidity and institutional interest, suggests a positive near-term trajectory. While delivery volumes have softened, the overall market activity points to renewed confidence in the company’s fundamentals and growth prospects.
Investors seeking exposure to the Cables - Electricals sector should closely watch Polycab’s price action and fundamental developments as it navigates the evolving market landscape.
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