India’s equity markets kicked off Samvat 2082 on a positive note after wrapping up Samvat 2081 with modest gains. In the last Samvat, which ended on Monday (October 20), the BSE Sensex jumped 4,974.31 points or 6.26%, and the Nifty climbed 1,637.8 points or 6.76%.
During the symbolic one-hour Muhurat trading session on Tuesday which marks the start of the new Samvat, the Sensex ended 62.97 points, or 0.07%, higher at 84,426.34, while the NSE Nifty 50 settled 25.45 points, or 0.10%, higher at 25,868.60.
The key highlights of Samvat 2081 were sluggish earnings growth, tariff uncertainties under the Trump administration and persistent foreign institutional investor (FII) selling.
All these factors dominated the bearish sentiment for most of the Samvat, prompting investors to allocate funds in other emerging markets or safe havens such as gold and silver. Gold and silver jumped more than 60% and 68%, respectively, in Samvat 2081 after rising over 30% each in Samvat 2080.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said that even though there are many reasons, including the Trump tariffs, for India’s underperformance, the single major factor is the sharp decline in India’s earnings growth to 5% in FY 25 from an average of 24% during the three years before that.
He stated that the fiscal and monetary reforms implemented this year have started showing results. Particularly, the sales of automobiles and white goods have shot up early this festive season and, if this trend sustains, earnings growth will be good at around 8 to 10% in FY 26, accelerating to around 15% in FY 27.
“If this expectation materialises, the market will rally in Samvat 2082 compensating for the underperformance of Samvat 2081. In the short run, the market may get a leg up from a possible India-US trade deal, but the long-term trend will be dictated by earnings growth,” he added.
Among sectoral indices, Nifty bank, PSU bank and auto indices closed with double-digit gains, thanks to the RBI’s dovish policy and GST rate cut by the GST council. In contrast, IT, energy, FMCG, and realty indices witnessed declines.
Amisha Vora, Chairperson and Managing Director, PL Capital, said that as we usher in Samvat 2082, optimism is gradually returning to Indian markets. “The stage now appears set for an earnings-led recovery. Growth momentum remains intact, supported by structural reforms, the rollout of GST 2.0, income tax relief, and an accommodative policy stance that is easing liquidity conditions.”
“Valuations are reasonable, earnings downgrades have largely bottomed out, and domestic inflows continue to demonstrate remarkable strength even as foreign investors remain cautious. This creates a favourable set-up for Indian equities to outperform in the new Samvat,” added Vora.
