Diwali 2026 wealth creators: 8 BSE 500 stocks shrug off market weakness, deliver up to 191% returns; do you own any?

A select group of stocks has managed to deliver exceptional returns, despite the broader stock market struggling to gain ground over the past year. While the Nifty 50 has declined nearly 3% since Diwali 2025, eight stocks from the BSE 500 have more than doubled investors’ wealth, with gains going as high as 191%.

According to ACE Equities data, as many as 190 stocks from the BSE 500 posted positive returns since Diwali 2025. However, only eight stocks managed to deliver returns exceeding 100%, highlighting the extent of outperformance by this select group amid broader market weakness.

Aditya Infotech topped the list with a staggering return of 191.39%, followed by HFCL, which gained 186.53%. Welspun Corp was the third-best performer, rising 180.22% during the period.

Laurus Labs delivered a return of 153.83%, while Ather Energy shares advanced 132.19%. Acutaas Chemicals gained 110.79%, followed by Welspun Living at 107.23% and Aether Industries at 104.89%.

What lies ahead for equities in Samvat 2083?

As the market enters Samvat 2083, the key question for investors is whether the next phase of returns will be driven by a broader recovery or remain concentrated in select companies. Brokerages largely remain constructive on Indian equities, but believe that earnings growth, valuations and stock selection will play a more decisive role in determining returns over the coming year.

ICICI Direct expects the market to deliver healthy double-digit returns over the next 12 months, retaining its constructive stance on equities. The brokerage believes that the next leg of the market rally will increasingly be driven by fundamental earnings delivery rather than liquidity flows or valuation multiple expansion.

“We expect markets to deliver healthy double-digit returns over the next 12 months and we see no material risks to our 16% CAGR Nifty earnings estimates over FY26-28E,” ICICI Direct said.It added that a firm growth outlook, coupled with valuations moving below their long-term averages, supports its positive view on equities. In its assessment, an earnings-led recovery would provide a healthier and more sustainable foundation for market returns.

Motilal Oswal Financial Services also sees an improvement in the earnings outlook, expecting FY27 to mark a return to double-digit earnings growth. The brokerage projects Nifty EPS growth of 16% in FY27 and 14% in FY28, compared with 5% in FY26.

Valuations have also become more comfortable following the market correction. Motilal Oswal noted that the Nifty is trading at 17.5 times forward earnings, around 16% below its long-term average. Midcaps are trading at a 6% discount to their long-term average after a nearly 10% correction from record highs. Smallcaps, however, continue to trade at a 25% premium, making selective stock picking particularly important.

In terms of investment opportunities, the brokerage favours BFSI and capital markets, manufacturing, global outsourcing and exports, and consumption and digital businesses. It expects banks to benefit from steady credit growth and improving margins, while healthcare devices, aerospace and auto components could gain from strong order books and manufacturing expansion. Pharmaceutical ingredients, garments and port cargo are other areas that could benefit from global outsourcing and trade agreements. Organised jewellery and quick-commerce platforms also remain among its preferred consumption themes.

Axis Securities, meanwhile, believes that the coming year will reward investors who focus on buying quality businesses at sensible valuations and closely track earnings delivery. The brokerage cautions against excessive concentration in expensive or speculative stocks, arguing that returns from Diwali 2026 to Diwali 2027 will increasingly depend on the ability to identify businesses with strong fundamentals, growth visibility and valuation support.

Its preferred themes for Samvat 2083 include private banks, discretionary consumption through hotels and automobiles, quick commerce, building materials, metals, AI-led transformation and a recovery in technology spending. It also sees opportunities in the diagnostics sector, particularly in the shift from testing towards early detection.

(Data Compiled by: Ritesh Presswala)

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here