Brokerages predict double-digit returns for Samvat 2083 (3 Nov)
- Indian equities show positive momentum with Nifty trading above 23,600.
- Mirae Asset Sharekhan has identified 15 stocks with potential upsides up to 37%.
- Strong domestic institutional buying continues to support market stability.
Indian equities opened higher on Tuesday 3 November 2026 as the market entered Samvat 2083, with the Nifty index rising 172.60 points or 0.74 percent to trade at ₹23,613.40 by 9:39 am IST. The Sensex surged more than 600 points while the Nifty traded above 23,550, with both indices rising over 0.7 percent in early trade.
The GIFT Nifty on the NSE IX rose 128.5 points, or 0.55 percent, to 23,531, indicating a positive start for Dalal Street. The index hit a day high of ₹23,632.05 and a day low of ₹23,482.80 after closing at ₹23,440.80 in the previous session.
This performance follows a period of global volatility, with the MSCI Asia Pacific Index falling 0.4 percent and South Korea’s Kospi dropping nearly 3 percent on the same day. Samvat is a partnership founded in 2023 and headquartered in Indore, Madhya Pradesh, providing free Hindu Panchang and related calendar services.
Nifty valuations drop below 10-year average
ICICI Direct projects a 16 percent CAGR for Nifty earnings over the FY26-28 period.
Future market rallies will be driven by fundamental earnings delivery rather than multiple expansion or liquidity support, ICICI Direct said.
Corporate earnings growth drives market outlook
The listed universe delivered over 20 percent growth in both topline and profit after tax during the Q2FY27 earnings season, with mid- and small-cap companies recording profit growth exceeding 30 percent year-on-year, according to ICICI Direct.
Kotak Neo forecasts Nifty 50 earnings growth of approximately 18 percent for FY27 and 13 percent for FY28.
Mirae Asset Sharekhan targets 37% upside for top picks
The brokerage firm notes that target prices reflect return prospects depending on market capitalisation, while earnings growth and sector risks remain essential factors.
UltraTech Cement has a target price of Rs 13,500, implying a 22 percent upside.
Bharti Airtel has a target price of Rs 2,350, supported by growth in African operations and higher average revenue per user.
The return on equity for Indian Hotels Company Ltd. is projected to ease from 14 percent to 13.6 percent. Navin Fluorine International has a target price of Rs 9,500, which is the lowest upside among the 15 selected stocks.
Mirae Asset Sharekhan selected these stocks across the banking, telecom, infrastructure, engineering and consumption sectors. A specific target price of Rs 2,400 is mentioned in the report, indicating a potential upside of 33 percent.
Large-cap funds attracted only ₹4,575 crore, or 2 percent of total equity inflows, indicating they remained out of favour. Samvat’s website receives about 7,704 monthly visits, with an average visit duration of 16 seconds and a bounce rate of 41 percent.
Advance bookings for the film "Ramayana: Part 1", which opens on November 5, 2026, have reached over ₹50 crore gross, including blocked seats. Sales for the film are highest in Maharashtra, and premium formats have accounted for about ₹9.5 crore of the total.
According to Sacnilk data from Monday afternoon, "Ramayana: Part 1" has generated ₹55.73 crore in sales across four dates. Bookings for Saturday screenings of the film rose by 56 percent as more seats and screenings were made available.
Domestic institutional investors support market stability
Kotak Neo noted that while initial public offerings may temporarily absorb domestic liquidity, they serve to expand the investment universe and strengthen financial markets over the long term.
Samvat 2082 performance impacted by global volatility
The Nifty 50 index declined by approximately 3 percent during Samvat 2082. Tradingview and Moneycontrol reported that this performance was pressured by the ongoing conflict in West Asia and prolonged volatility in crude oil prices.
Moneycontrol added that persistent outflows from foreign institutional investors also contributed to the decline during the period.
- Samvat 2083 outlook: Brokerages see double-digit stock market returns as Nifty valuations ease (moneycontrol.com)
- Samvat 2083 outlook: Brokerages see double-digit stock market returns as Nifty valuations ease (tradingview.com)
- Diwali 2026 stock picks: Mirae Asset Sharekhan names 15 stocks for Samvat 2083 - Market News | The Financial Express (financialexpress.com)
- Samvat (tavily.com)
- Stock Market Live Updates: Sensex surges over 600 pts, Nifty above 23,550; IndiGo, Infosys rise up to 2% - The Economic Times (economictimes.indiatimes.com)
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