Key Events This Week
2 Feb: Stock hits 52-week low of Rs.209.8 amid market downturn
3 Feb: Sharp rebound with 3.79% gain on strong Sensex rally
4 Feb: Continued upside momentum, stock gains 3.85%
5 Feb: Profit-taking leads to 1.90% decline
6 Feb: Week closes at Rs.227.35, down 2.32% on the day
2 February 2026: New 52-Week Low Amid Market Weakness
Refex Industries opened the week under significant pressure, falling to a fresh 52-week low of Rs.209.8 intraday before closing at Rs.220.10, down 2.26% on the day. This decline was sharper than the Sensex’s 1.03% fall, reflecting company-specific challenges alongside broader market weakness. The stock’s drop followed a period of sustained underperformance, with the share price down over 54% in the past year despite a 27.2% increase in profits. Elevated promoter share pledging at 28.84% and rising interest expenses to Rs.9.14 crore added to investor concerns. The stock traded below all key moving averages, signalling persistent bearish momentum.
3 February 2026: Strong Rebound on Broad Market Rally
Following the sharp sell-off, Refex Industries rebounded strongly, gaining 3.79% to close at Rs.228.45. This recovery outpaced the Sensex’s 2.63% gain, driven by a broad market rally that lifted investor sentiment. The stock’s volume remained moderate at 31,791 shares, indicating selective buying interest. The bounce suggested some technical relief after the prior day’s lows, though the stock remained vulnerable given its proximity to the 52-week low and ongoing sector headwinds.
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4 February 2026: Continued Gains Amid Technical Optimism
The stock extended its gains on 4 February, rising 3.85% to close at Rs.237.25, its highest level of the week. This advance was supported by a strong volume surge to 59,931 shares, signalling renewed buying interest. The Sensex also posted a modest 0.37% gain, but Refex outperformed, suggesting some short-term technical strength. Despite this, the stock remained below longer-term moving averages, and the broader sector challenges persisted.
5 February 2026: Profit-Taking and Volume Dry-Up
Profit-taking emerged on 5 February as Refex Industries declined 1.90% to Rs.232.75 on thin volume of just 11,053 shares. The Sensex fell 0.53%, reflecting some market caution. The drop indicated that the rally from the 52-week low was encountering resistance, and investors were locking in gains amid uncertain fundamentals. Technical indicators remained bearish overall, with momentum oscillators signalling continued downside risk.
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6 February 2026: Week Closes Lower on Renewed Selling
Refex Industries ended the week at Rs.227.35, down 2.32% on the day, as selling pressure resumed amid subdued volume of 16,490 shares. The Sensex marginally gained 0.10%, highlighting the stock’s relative weakness. Technical indicators confirmed a bearish momentum shift, with the Moving Average Convergence Divergence (MACD) and Bollinger Bands signalling continued downside risk. The stock’s Mojo Score remained at 31.0 with a Sell rating, reflecting cautious market sentiment despite a slight upgrade from Strong Sell earlier in August 2025.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-02 | Rs.220.10 | -2.26% | 35,814.09 | -1.03% |
| 2026-02-03 | Rs.228.45 | +3.79% | 36,755.96 | +2.63% |
| 2026-02-04 | Rs.237.25 | +3.85% | 36,890.21 | +0.37% |
| 2026-02-05 | Rs.232.75 | -1.90% | 36,695.11 | -0.53% |
| 2026-02-06 | Rs.227.35 | -2.32% | 36,730.20 | +0.10% |
Key Takeaways
Positive Signals: The stock demonstrated resilience with a 0.95% weekly gain after hitting a 52-week low, supported by strong rebounds on 3 and 4 February. Long-term growth trends remain healthy, with net sales expanding at 26.59% annually and operating profit growing 39.57%. The company’s low debt-to-EBITDA ratio of 0.65 times indicates manageable leverage, and profit growth of 27.2% over the past year contrasts with the share price decline.
Cautionary Signals: Despite the weekly gain, Refex Industries underperformed the Sensex by 0.56%. Technical indicators signal bearish momentum, with the stock trading below all key moving averages and near its 52-week low. Elevated promoter share pledging at 28.84% poses a risk of forced selling. Quarterly results showed a 16.04% decline in net sales and rising interest expenses, which may weigh on near-term performance. The Mojo Score of 31.0 and Sell rating reflect ongoing market caution.
Conclusion
Refex Industries Ltd’s week was characterised by a volatile recovery from a significant 52-week low, tempered by persistent technical weakness and fundamental challenges. While the stock managed a modest weekly gain of 0.95%, it lagged the broader market’s 1.51% advance, underscoring ongoing headwinds. Investors should note the mixed signals from technical indicators and financial metrics, with long-term growth contrasting against short-term pressures. The elevated promoter pledge and subdued quarterly sales highlight risks that may continue to influence price action. Overall, the stock remains in a cautious phase, with momentum and fundamentals requiring close monitoring in the coming weeks.
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