Muhurat Trading: Muhurat Trading is one of the most anticipated traditions of the Indian stock market, as investors mark the beginning of the new Hindu calendar year, or Samvat, with a special trading session on Diwali.
The session is considered auspicious, and many market participants use it to make symbolic purchases, begin fresh investments or review their portfolios for the year ahead. While the occasion carries cultural significance, investment decisions still need to be guided by business fundamentals, earnings visibility, valuations and risk appetite rather than the sentiment of the day.
As Samvat 2083 begins, investors will be watching for companies that can translate India’s growth opportunities into sustained financial performance. Religare Broking’s festive-season report has identified eight companies across financial services, infrastructure, technology, automobiles, hospitality, power and pharmaceuticals. The brokerage’s selections are based on company-specific growth drivers and the potential for earnings to outperform their respective sectors over the medium term.
Religare’s top Diwali stock picks for Samvat 2083
Religare Broking said its Diwali stock picks were based on the potential for earnings growth to exceed sector expectations, supported by business-specific catalysts. The brokerage identified eight companies and assigned target prices indicating potential upside of 12.2% to 54.1%.
1. Bajaj Finance | Target price: ₹1,096 | Upside: 16.7%
Religare has a Buy rating on Bajaj Finance, citing its diversified lending franchise, sustained assets under management (AUM) growth and improving operating efficiencies. The company’s consolidated AUM grew 26.5% year-on-year to ₹5.85 lakh crore in Q2FY27, with growth across consumer, rural, microfinance and commercial lending. The brokerage expects technology-led automation, cross-selling opportunities and disciplined underwriting to support earnings growth. It estimates an 18.9% compound annual growth rate (CAGR) in profit after tax over FY26-FY28.
2. Larsen & Toubro | Target price: ₹4,510 | Upside: 16.5%
Religare has a Buy rating on Larsen & Toubro (L&T), backed by its strong order book and opportunities across infrastructure, energy and industrial projects. Its order book increased 28% year-on-year to ₹8.54 lakh crore at the end of Q2FY27, providing revenue visibility. The brokerage expects execution of the sizeable project pipeline, fresh order inflows and gradual margin improvement to drive earnings. It projects an 18.4% CAGR in owners’ profit over FY26-FY28.
3. Kotak Mahindra Bank | Target price: ₹518 | Upside: 12.2%
Religare has an Accumulate rating on Kotak Mahindra Bank, expecting an improvement in advances growth, operating efficiency and net interest margins (NIM). Gross advances increased 23% year-on-year to ₹6.27 lakh crore in Q2FY27. The brokerage believes the deployment of excess liquidity into customer advances, floating-rate loan repricing and disciplined cost management could support earnings recovery. It estimates a 22.4% CAGR in profit after tax over FY26-FY28.
4. HCL Technologies | Target price: ₹1,680 | Upside: 17.6%
Religare has a Buy rating on HCLTech, citing its artificial intelligence (AI) business, strong deal pipeline and improving profitability. The company reported Q2FY27 revenue growth of 11.5% year-on-year to ₹35,620 crore, while new deal bookings increased 27% to $3.26 billion. Advanced AI revenue surged 78% to $219 million. The brokerage expects AI-led solutions, enterprise technology spending and conversion of deal wins into revenue to support medium-term growth, although cautious client spending remains a monitorable.
5. Mahindra & Mahindra | Target price: ₹4,377 | Upside: 54.1%
Religare has a Buy rating on Mahindra & Mahindra (M&M), highlighting its leadership in SUVs and tractors, expanding electric vehicle portfolio and product pipeline. The company commanded a 43.6% share of India’s tractor market in FY26, rising to 44.9% in Q1FY27. Its electric SUV portfolio also recorded a 37.4% revenue market share in FY26. The brokerage expects new launches, capacity expansion, farm mechanisation and EV adoption to support growth, although commodity inflation and competition remain risks.
6. Indian Hotels Company | Target price: ₹990 | Upside: 22%
Religare has a Buy rating on Indian Hotels Company (IHCL), citing its strong hospitality brands, asset-light expansion strategy and sustained demand. Its portfolio comprised 670 hotels as of September 2026, including 280 properties in the pipeline. Management upgraded FY27 consolidated revenue growth guidance to 15-17%, from 12-14%. The brokerage expects new hotel openings, higher room rates, growing management fee income and operating leverage to support earnings expansion.
7. Tata Power | Target price: ₹421 | Upside: 22%
Religare has a Buy rating on Tata Power, expecting renewable energy expansion, solar manufacturing and improving profitability in regulated businesses to drive earnings. The company commissioned around 2.5 GW of renewable capacity in FY26, taking its renewable portfolio to 11.6 GW. Its renewables business reported 59% year-on-year profit growth during the year. The brokerage expects profit to grow at a 25% CAGR over FY26-FY28, although elevated capital expenditure and rising debt remain key monitorables.
8. Glenmark Pharmaceuticals | Target price: ₹2,897 | Upside: 26%
Religare has a Buy rating on Glenmark Pharmaceuticals, citing its specialty medicines portfolio, international presence and innovation pipeline. The company’s FY26 revenue increased 27.5% year-on-year to ₹16,983 crore, while EBITDA margin improved to 26.9%. Products such as RYALTRIS and WINLEVI, oncology assets and its licensing agreement with AbbVie for ISB 2001 are expected to support growth. The brokerage sees opportunities from new product launches, overseas expansion and pipeline monetisation.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
