Key Events This Week
Jan 19: Intraday high surge to Rs.260.70 (+7.73%)
Jan 21: Q2 FY26 results announced; stock tumbles 4.93%
Jan 23: Week closes at Rs.222.80 (-4.66%)
Monday, 19 January 2026: Intraday Surge Amid Market Weakness
Refex Industries Ltd began the week on a strong note, rallying 7.73% to close at Rs.253.85, significantly outperforming the Sensex which declined 0.49% to 36,650.97. The stock hit an intraday high of Rs.260.70, representing an 8.94% increase from the previous close. This surge was driven by robust buying momentum, with the stock outperforming its sector by 8.73% on the day.
Technically, the stock traded above its 5-day and 20-day moving averages, signalling short-term strength despite remaining below longer-term averages. This intraday performance suggested a potential short-term rebound amid a generally subdued market environment, where the Sensex was experiencing its third consecutive weekly decline.
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Tuesday, 20 January 2026: Profit Taking Amid Broader Market Sell-Off
The following day, Refex Industries reversed some of Monday’s gains, closing at Rs.244.20, down 3.80%. This decline occurred alongside a sharp Sensex fall of 1.82% to 35,984.65, reflecting broader market weakness. The stock’s volume also dropped significantly to 65,488 shares, indicating reduced trading interest amid the sell-off.
Wednesday, 21 January 2026: Q2 FY26 Results Trigger Sharp Decline
Refex Industries announced its Q2 FY26 results on 21 January, reporting a strong profit surge that contrasted with concerns over revenue growth. Despite the earnings beat, the stock fell 4.93% to Rs.232.15 on the day, underperforming the Sensex which declined 0.47%. The sharp price drop suggests that investors were cautious about the sustainability of earnings amid revenue worries.
The stock’s volume increased modestly to 87,907 shares, indicating active trading as market participants digested the mixed financial results. This reaction underscores the market’s focus on top-line growth alongside profitability metrics.
Thursday, 22 January 2026: Marginal Recovery on Positive Market Sentiment
On 22 January, Refex Industries edged up 0.67% to close at Rs.233.70, recovering slightly from the previous day’s losses. This modest gain came amid a positive Sensex move of 0.76% to 36,088.66, reflecting a broader market rebound. The stock’s volume was 81,065 shares, signalling steady investor interest despite lingering caution.
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Friday, 23 January 2026: Week Ends with Further Decline
The week concluded with Refex Industries closing at Rs.222.80, down 4.66% on the day and marking a 6.90% decline for the week. This underperformance was sharper than the Sensex’s 1.33% drop to 35,609.90. The stock’s volume was notably low at 26,620 shares, suggesting subdued trading activity as investors digested the week’s mixed developments and awaited further clarity.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.253.85 | +6.08% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.244.20 | -3.80% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.232.15 | -4.93% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.233.70 | +0.67% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.222.80 | -4.66% | 35,609.90 | -1.33% |
Key Takeaways
Positive Signals: The strong intraday surge on 19 January demonstrated the stock’s capacity for short-term rallies, with the price breaking above key short-term moving averages. The MarketsMOJO upgrade to a 'Sell' rating from 'Strong Sell' in August 2025 reflects a modest improvement in fundamentals and technical outlook.
Cautionary Signals: Despite Monday’s gains, the stock failed to sustain momentum, retreating sharply after the Q2 FY26 results announcement. The profit surge was overshadowed by revenue concerns, leading to a 4.93% drop on the results day. The stock’s weekly decline of 6.90% outpaced the Sensex’s 3.31% fall, indicating relative weakness. Additionally, volumes tapered off towards the week’s end, suggesting investor hesitation.
Conclusion
Refex Industries Ltd’s week was characterised by volatility and mixed signals. The initial strong rally on 19 January highlighted potential short-term buying interest, but this was tempered by disappointing market reaction to the Q2 FY26 results and broader market weakness. The stock’s underperformance relative to the Sensex and declining volumes towards week-end suggest cautious investor sentiment. While the recent rating upgrade signals some fundamental stabilisation, the stock remains below key long-term moving averages and faces challenges in regaining upward momentum. Market participants will likely watch upcoming developments closely to assess whether the stock can sustain any recovery amid prevailing uncertainties.
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