Indian equity benchmarks struggled during Samvat 2082 as the Nifty 50 and Sensex retreated, pressured by a sharp rise in energy costs and currency depreciation to ₹94.14 against the US dollar. In contrast, global indices like the KOSPI and Nikkei recorded double-digit advances while domestic sectoral performance diverged sharply, with pharma gaining over 20% and IT pulling indices lower. Heading into the new cycle, analysts at Nuvama Wealth Research suggest a rotation out of costly global AI stocks and possible domestic capital gains tax relief could aid a broader market recovery.
Key points
Global equity markets, including Japan's Nikkei and the FTSE, significantly outpaced Indi…: Global equity markets, including Japan's Nikkei and the FTSE, significantly outpaced Indian benchmark indices over the past year.
Prospective catalysts for Samvat 2083 include a potential India-US trade deal and possibl…: Prospective catalysts for Samvat 2083 include a potential India-US trade deal and possible relief on long-term capital gains taxation.
Continued upward momentum toward the 25,500 target requires sustained foreign institution…: Continued upward momentum toward the 25,500 target requires sustained foreign institutional investor inflows and stable energy prices.
Sources checked by our analysis pipeline: 1
Samvat 2082 was a year of divergence across global and domestic financial markets, with Indian equities lagging several major international benchmarks even as commodities rallied sharply and the rupee weakened against the US dollar. The Nifty 50 declined 2.59% and the Sensex fell 3.35% between Diwali 2025 and Diwali 2026, while the Nifty Midcap 150 and Nifty Smallcap 250 managed modest gains of 0.90% and 0.29%, respectively. In contrast, Japan's Nikkei surged 13.08%, South Korea's KOSPI jumped 23.63% and the FTSE advanced 11.26%, reflecting stronger gains across major global markets.
Sectoral performance on Dalal Street remained sharply divided. Pharma and metal stocks led the rally, with the Nifty Pharma rising 24.77% and Nifty Metal gaining 21.71%, while FMCG, IT and realty stocks weighed on the market. At the individual stock level, BSE emerged as the top Nifty 50 performer with a 52.3% gain, whereas ITC plunged 30.94%, making it the biggest laggard.
The commodities market delivered an equally striking performance. Crude oil surged 54.11%, and copper gained 33.56%, while gold and silver advanced 2.25% and 8.16%, respectively. Adding to the…
Market participants are navigating a technical rebound that reclaimed critical long-term moving averages after rebounding from the 22,700–22,800 threshold. However, immediate-term indicators suggest momentum is stretched as indices encounter strong overhead resistance, setting up a potential period of consolidation. Traders must also factor in reduced liquidity and shorter execution windows due to a holiday-shortened calendar.
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