Traditional Old-Economy and Banking Stocks Dominate Domestic Brokerages' Samvat 2083 Picks

Traditional old-economy sectors—including manufacturing, industrial, mining, metals, and automobiles—alongside banking and finance stocks, have emerged as primary favorites among domestic brokerages for Samvat 2083. Several companies from these sectors feature prominently in Deepavali picks.

While a few new-economy names spanning digital infrastructure, cloud computing, artificial intelligence, e-commerce, and software attracted some interest, analysts remain guarded compared to previous years. Prominent brokerages omitted top IT companies such as TCS, Infosys, and Wipro from their selections. Additionally, Reliance Industries and the Jio twins, including Jio Platforms and Jio Financial, were absent from about two dozen brokerages' lists.

Some of the specific top picks highlighted by brokerages included Bharti Airtel, L&T Bank, ICICI Bank, Indian Hotels, Kotak Mahindra Bank, and Eternal.

Monarch Networth Capital identified the 8th Pay Commission as a key theme for Samvat 2083, expecting its recommendations to be accepted in FY28. The firm noted that past commissions directed extra income toward automobiles, travel and tourism, premium beverages, and consumer durables, anticipating a similar pattern that could benefit consumption and discretionary pockets through the premiumisation theme.

Motilal Oswal Financial expressed bullishness on BFSI and capital markets, manufacturing, global outsourcing and exports, as well as consumption and digital sectors. Meanwhile, Amar Ambani of Yes Securities observed early signs of large-cap leadership emerging, noting that broader market participation will be essential for a sustained rally. He added that the coming year will likely function as a stock picker's market driven by earnings delivery rather than valuation expansion.

SMIFS focused its selections on naval indigenisation, infrastructure and engineering, integrated logistics, digital consumption, established consumer franchises, and electric public mobility. The brokerage cited defence procurement, capital expenditure, supply-chain efficiency, and changing consumer preferences as growth opportunities, emphasizing that execution and capital discipline will determine returns.

Cautionary perspectives were shared by Mirae Asset Sharekhan, which pointed to geopolitical uncertainties, rising US Treasury yields, high energy prices, and elevated interest rates. However, the firm noted that market corrections have materially improved the risk-reward ratio, creating pockets where valuations have corrected beyond what the earnings outlook suggests. Mirae Asset stated that businesses with strong fundamentals, earnings visibility, and reasonable valuations are better positioned to generate returns.

Eureka Securities echoed the sentiment that the outlook for Samvat 2083 depends on economic growth, inflation, monetary policy, corporate earnings, and global risk appetite. Kotak Neo added that while near-term global macro shocks create volatility, India's structural transitions offer a resilient long-term opportunity independent of short-term noise, creating a constructive setup for disciplined, long-term investors.

"The shift toward traditional banking, manufacturing, and old-economy stocks highlights a measured approach by brokerages amid broader global uncertainties. As market returns become increasingly tied to actual earnings delivery and execution rather than valuation expansion, investors are prioritizing fundamental strength and structural demand over short-term thematic trends. This disciplined focus reinforces stability in the market setup." — Dr. Shishir Gupta, Founder & CEO, StartupLanes