Market participants are optimistic of stepping into a promising Samvat 2082, as India’s stock market leaves behind a volatile year marked by trade tensions, FII outflows and economic uncertainty.
Gaurang Shah, Senior Vice President at Geojit Financial Services is confident that the stage is set for a breakout year, going ahead. “If not by Diwali, then by the year-end, we should see new highs on both Sensex and Nifty,” Gaurang Shah told Moneycontrol, pointing at supportive macros, the likelihood of US-India trade deal, progress on EU free trade agreement, easing inflation and a consumption revival.
The Rs 1 lakh crore income tax relief in Budget, Rs 50,000 crore worth of projected GST savings, and RBI’s interest rate relief are expected to further fuel growth and drive demand in FY26, Shah added.
The Right Balance in Portfolio
With tax breaks, a good monsoon, and GST 2.0 boosting rural as well as urban demand, Gaurang Shah said India’s consumption story is poised for a revival, however, he has warned against over-exposure to a single theme. Investors should keep a diversified portfolio to balance risk, he advised.
Shah is bullish on both consumption and manufacturing, highlighting the following opportunities:
-Non-discretionary consumption: FMCG names such as Tata Consumer, Godrej Consumer, HUL, ITC, Dabur, Marico, Britannia, and Nestle.
-Discretionary consumption: Blue Star, Voltas, Havells, and entry-level auto plays.
-Jewellery: Titan remains a preferred pick.
Top 3 Dhamakedar Diwali Picks for Samvat 2082
Bharat Electronics (BEL) has been an outperformer from the defence pack with a robust orderbook and earnings momentum. With government spending and export potential on the rise, Shah said the stock can see further upside, outlining a target of Rs 480 a share for this ‘multi-year’ growth theme.
Recently, BEL had bagged a tender from the Indian Army for the Quick Reaction Surface-to-Air Missile (QRSAM) project, also known as Anant Shastra, worth Rs 30,000 crore. The order includes procuring 5-6 regiments of the indigenously developed ‘Anant Shastra’ surface-to-air missile weapon systems. BEL will be the lead integrator for the project. Analysts have said that the order has enhanced BEL's order book to more than Rs 1 lakh crore.
Shares of BEL have yielded multi-bagger returns of over 1200% over the last 5 years.
Zomato, rebranded as Eternal, the food delivery and quick-commerce giant has staged a strong comeback from its post-IPO slump, and Gaurang Shah said he sees Blinkit as the key earnings driver for the stock, with a target price of Rs 420.
“Blinkit’s contribution has exceeded street estimates, and we believe the addition of new dark stores will remain a key growth driver. Expansion into newer cities and geographies is set to broaden the subscriber base and strengthen market share, while the food delivery segment is also expected to make a larger contribution to the bottom line”, Gaurang Shah said.
Blinkit’s revenue in Q1FY26 surged to Rs 2,400 crore, surpassing Zomato’s food delivery revenue of Rs 2,261 crore, making it the bigger contributor to the topline. In a recent note, global brokerage Citi said it expects Blinkit to achieve EBITDA break-even by Q3FY26.
Since its stock market debut, the stock had slipped below its IPO price of Rs 76 to hit an all-time low of Rs 40.55 in July 2022. It now trades near record highs with a market capitalisation of Rs 3.16 lakh crore, overtaking ONGC (Rs 3.06 lakh crore), HAL (Rs 3.16 lakh crore), and Titan (Rs 3.13 lakh crore).
For a festive pick tied to prosperity, Shah’s final bet is Jio Financial Services, backed by Reliance Industries and its joint venture with BlackRock. The 50:50 JV, launched in May 2025, has combined BlackRock’s global expertise with Jio’s extensive domestic reach. The company has started with debt and passive index funds and recently launched its first active product - the Jio BlackRock Flexi Cap Fund.
Jio is also the first company in India to deploy BlackRock’s Aladdin AI platform which integrates analytics and risk management to create smarter portfolios.
“When two credible names like Reliance and BlackRock come together, it’s bound to create long-term value. Jio Financial is just getting started and the upside could be significant,” said Shah, assigning a target price of Rs 380 per share.
Diversification is Key
Shah’s message to investors this Diwali: Stay diversified, stay patient and let your portfolio shine bright this Samvat 2082.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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