The Indian stock market remained in a consolidation phase over the past twelve months, with the benchmark indices Sensex and Nifty 50 delivering muted returns. However, the festive season of Diwali 2025 appears to have infused fresh momentum, and the outlook for the new Vikram Samvat 2082 is turning increasingly bullish.
India’s macroeconomic backdrop remains robust. Global agencies such as S&P have recently upgraded India’s credit rating, while the International Monetary Fund (IMF) has revised its growth forecast upward. At the same time, India’s retail inflation has eased to multi-year lows.
On the domestic front, the troika of Reserve Bank of India’s repo rate cut, GST rationalization, and personal income tax relief is expected to provide a strong boost to consumption. These factors are likely to fuel a revival in corporate earnings growth, which is projected to return to low double digits beginning the December 2025 quarter and further accelerate through FY27 and FY28.
Samvat 2082 Outlook
According to Sunny Agrawal, Head of Fundamental Research at SBI Securities, Indian equities are poised to shed their underperformer tag in Samvat 2082 and deliver stronger returns.
“This would be backed by 2-digit earnings growth in the backdrop of subdued crude oil prices; likely optimum trade deal between US-India coupled with India diversifying its export basket; shift of money flow from safe haven to EMs like India and likelihood of further reforms by government to accelerate economic growth,” said Agrawal.
Prashanth Tapse, Sr. VP Research – Research Analyst, Mehta Equities Ltd believes the Indian stock market is well-positioned to deliver stronger returns in Samvat 2082, supported by several key tailwinds like a substantial ₹12 lakh crore tax-free budgetary push, coupled with the anticipated GST 2.0 reforms, is expected to revive consumption and accelerate corporate earnings growth particularly the double-digit growth that has been missing over the past 2–3 quarters.
In addition to the above, a likely strategic trade deal between the US and India could open new export avenues and enhance bilateral cooperation, he said, adding that the stage is now set for Indian markets to rebound.
According to Amisha Vora, Chairperson and Managing Director, PL Capital, the Indian stock market valuations are reasonable, earnings downgrades have largely bottomed out, and domestic inflows continue to demonstrate remarkable strength even as foreign investors remain cautious.
“This creates a favorable setup for Indian equities to outperform in the new Samvat. While global headwinds such as trade frictions and slowing growth persist, India stands out as a macro-stable, liquidity-rich, and policy-supported economy. The coming year offers investors an opportunity to participate in India’s next leg of compounding, driven by revival in corporate earnings and broad-based economic expansion,” said Vora.
Sectors in focus during Samvat 2082
Amnish Aggarwal believes large-caps will provide more certain and steady returns in an uncertain environment as small-caps and mid-caps continue to trade at a premium.
Sunny Agrawal identified key sectors and themes likely to outperform, including:
Auto OEMs and auto ancillaries
NBFCs, with focus on MSMEs, housing, and gold financing
Capital market plays such as AMCs and wealth managers
EMS and recycling businesses
Pharmaceuticals (particularly CDMOs) and pharma ancillaries
Office leasing, hotels, and hospitals
Manufacturing (including defence, aerospace, PEBs, railway wagons, and power equipment such as BESS)
Tapse believes strong earnings growth will be concentrated in select sectors such as automobiles, auto ancillaries, PSU banks, and NBFCs. “We expect market leaders in these sectors to emerge as key winners, supported by structural tailwinds, earnings visibility, and favorable policy support,” he said.
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.
