Samvat 2082 ended on a strong note, with both the Sensex and the Nifty 50 posting weekly gains of 8.6-8.8 per cent, their biggest in nearly six years. This, in turn, brought an encouraging close to their weakest Samvat performance in 15 years.
Despite the late recovery, the Nifty 50 and the Sensex ended Samvat 2082 down 3.1 per cent and 4 per cent, respectively, their worst Samvat-wise performance since 2011, when both indices had declined 17.4 per cent. This marked a reversal from Samvat 2081, when the benchmarks had gained 6.8 per cent and 6.3 per cent, respectively.
By late October, the Sensex had fallen more than 10,750 points from its previous Diwali levels, while the Nifty had shed nearly 12 per cent, Relli said. However, he said, hopes of changes to long-term capital gains tax and resilient corporate earnings helped revive sentiment, adding nearly ₹4 trillion to market capitalisation during the recent rebound.
Domestic equities had remained under pressure since the West Asian conflict broke out towards the end of February. The Nifty had slipped to nearly 22,200 as rising crude oil prices and disruptions around the Strait of Hormuz heightened concerns over India’s oil-import-dependent economy.
The late recovery was supported by improving expectations around a possible easing of US-Iran tensions, following the US midterm election outcome, as well as emerging concerns over the sustainability of the global AI-led investment rally.
Performance in the broader market was relatively better. The Nifty Midcap 100 ended Samvat 2082 2.1 per cent higher, although this was lower than its 5.8 per cent gain in the previous year. The Nifty Smallcap 100 rose 4.2 per cent, recovering from a 2.1 per cent decline in Samvat 2081.
At the sectoral level, the Nifty Pharma, Metal and Capital Markets indices were the biggest outperformers, gaining 22-25 per cent. The Nifty Information Technology, India Tourism, Cement and FMCG (fast-moving consumer goods) indices were among the worst performers, declining 7-17 per cent.
“Despite a year of heightened volatility in Indian equities, Samvat 2082 ended on a positive note,” said Pankaj Pandey, head of research at ICICI Securities.
Pandey said the earnings of Nifty 50 companies in the second quarter of financial year 2026-27 (Q2FY27) had been robust, while valuations had moderated to around 17 times, below their 10-year average. The global macroeconomic environment had also improved, with foreign portfolio investors (FPIs) returning as net buyers amid easing concerns over US Treasury yields and crude oil prices.
“The confluence of renewed foreign inflows, resilient corporate earnings, and relatively attractive valuations positions Indian markets favourably,” Pandey said, adding that a resolution to the geopolitical conflict could provide an additional catalyst for domestic equities to scale new highs in the coming Samvat.
