The stock market was closed on Tuesday due to Diwali, with only two more holidays left this year: Guru Nanak Jayanti on November 5 and Christmas on December 25. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) were also closed on Wednesday, October 22, for Diwali Balipratipada, resuming regular trading on Thursday, October 23.
Diwali Balipratipada, also known as Govardhan Puja or Padwa, is celebrated a day after Diwali. It honours King Bali for his devotion and generosity. According to legend, Lord Vishnu granted King Bali the boon to visit his people annually. This day symbolises his return and represents renewal, prosperity, and the triumph of humility over arrogance.
Market Outlook for Samvat 2082
Experts are optimistic about Samvat 2082 due to expectations of stronger corporate earnings. VK Vijayakumar from Geojit Financial Services noted that despite a robust pre-Diwali rally, Samvat 2081 saw consolidation due to a slowdown in earnings growth to around 5%. However, the new year starts positively with policy support and improved liquidity conditions.
Motilal Oswal Financial Services Ltd highlighted that fiscal and monetary measures have injected liquidity into the system. The Reserve Bank of India has cut the repo rate by 100 basis points and CRR by 150 basis points. Additionally, an income tax relief of Rs 1 lakh crore is expected to boost demand and corporate earnings potential.
Diwali Muhurat Trading Session
The Muhurat trading session marked the beginning of Samvat year 2082. Held between 1:45 pm and 2:45 pm, it saw light volumes but healthy participation across financial, auto, and energy sectors. The Sensex rose over 270 points at the opening bell while Nifty briefly crossed the 25,900 mark before profit-taking pulled indices down slightly by the close.
Despite a muted finish during Muhurat trading, traders remained hopeful as they engaged in symbolic trades marking new beginnings both spiritually and financially. This session is considered auspicious for investors as it signifies the start of a new financial cycle.
Sectoral Performance Expectations
Motilal Oswal expects domestic cyclical and structural growth themes to perform well in Samvat 2082. They remain positive on sectors such as banking and financial services (BFSI), capital markets, consumption, manufacturing (including defence), industrials, electronics, and digital businesses.
The firm anticipates a pick-up in private capital expenditure alongside consumption-led growth driving markets forward. They project Nifty earnings growth at a healthy rate of 8% in FY26 and 16% in FY27 compared to just 1% in FY25.
Nifty valuations are seen as reasonable at about 20 times FY26 earnings which align with long-term averages. However, mid-cap and small-cap stocks trade at slight premiums; thus investors should adopt a selective approach when picking stocks according to Motilal Oswal’s recommendations.
Inflation remains under control while GST 2.0 rollout has simplified rates reviving consumer sentiment according to Motilal Oswal’s report which suggests these factors could signal an upturn in India’s domestic growth momentum.